With over 120,000 property transactions across the UK every year, you may be interested to know that there are some noteworthy trends that demonstrate how certain types of homes sell more rapidly than others.
In this article, fast sales professionals at Property Solvers start by showing our latest research. We also go into the reasons why certain properties sell within different timeframes.
The Property Type that Sells Fastest in the UK Is…
Our most research data across England, Wales and Scotland has revealed that semi-detached homes complete the quickest (32,109 properties took an average time of 150 days to sell between May 2022 and May 2023). As shown below, flats take the longest number of days to sell.
To break down our methodology, as part of our speed of sale and asking vs. sold price research, we captured data on 101,126 property transactions through estate agents in the 12 months up to June 2023.
We then calculate the average of days it takes for a property to be listed on the UK’s leading portals through to its respective sale completion date (and confirmed at the Land Registry).
From the fastest to slowest timeframes, let’s go into each property type and the appeal of each…
Semi-Detached Houses
Semi-detached houses typically sell the quickest and attract home buyers for a number of reasons…
- These properties usually have a decent amount of space that suits young and growing families
- They usually come with a good amount of front and back garden space alongside off-street parking/ garages
- These properties bring in natural light from 3 sides of the property
- Provided that you get on with the neighbour (of the adjoining property), these houses offer a decent amount of privacy
- There’s often the opportunity to extend (subject to planning consent) and add further value
- With more space, there’s the potential scope to adapt the property more freely
- Semi-detached properties are often in suburban areas with convenient access to local amenities (shops, schools, parks and hospitals)
- There’s often a strong sense of community
- Council tax payments are likely to be lower (due to properties often being located further from town and city centres)
- Easier to value in addition to being less likely to have survey and conveyancing issues
- Given their popularity, semi-detached houses are often one of the main drivers of market value
Terraced Houses
Like flats, terraced houses often appeal to first-time buyers and those with young / small families as well as downsizers.
Particularly in popular towns and cities, these properties tend to get snapped up quickly and will always be in high demand.
Below are some of the other reasons why buyers often flock to these types of properties.
- Terraced houses offer more space than flats but are generally more affordable than semi and detached houses
- Many terraced houses are similar in size to semi-detached properties, but are better located.
- With no shared entrances, there’s a better level of privacy relative to flats
- Most have a pretty good-sized garden (although there are often no front gardens)
- Easier to value in addition to being less likely to have survey and conveyancing issues
- Shared walls can improve the energy efficiency of the property
- There tends to be more security as neighbours often look out for each other
- Terraced houses are fairly easy to maintain and often less problematic
- They are often nice-looking houses that people like to live
- These properties are often popular amongst landlords and offer solid rental yields in the right areas
- Average house prices tend to be less volatile
Detached Houses
Although our most recent research showed it only taking marginally longer to complete on a detached property, these sales tend to be more complicated.
As they generally tend to be larger, more issues can be flagged during the survey and conveyancing processes for example. Indeed, with more money at stake, buyers tend to ask more questions.
In a buyer’s market, the sale of detached properties also tends to be slower. Here at Property Solvers, we sometimes see larger detached houses that have fallen into disrepair (say it’s been inherited through a will). These situations tend to create more issues when it comes to selling.
Nonetheless, detached houses continue to be desirable – particularly amongst upsizers and bigger families.
- Detached homes are often larger properties providing plenty of space for families, pets, vehicles;
- You will often have extra rooms for guests, office space and areas to engage in hobbies
- They offer an extra level of privacy and minimise the need to worry about bothering neighbours
- Detached houses are more customisable and are often more likely to get planning permission for extensions and outbuildings
- These properties often have sizeable gardens with space to add features such as sheds, mancaves, flower beds and ponds as well as being great for dogs
- With higher values, average house price growth will be amplified. For example 10% annual growth on a £1 million house will be £100,000
- Detached properties often have unique characteristics that can often add to their charm and character
Flats
Flats are much slower at selling than houses as there is more paperwork involved, which tends to slow down completion.
For instance, flat sellers will need to request the “leasehold management pack” alongside responses to the LPE1 form plus additional enquiries. All the responses will need to be provided to both the buyer’s conveyancer and any mortgage lender.
Flats with short leases also tend to put a lot of buyers and trying to get an extension can take a lot of time and money.
Nonetheless, there are several reasons why people overlook the downsides and remain keen very keen to buy flats.
- Flats are often available close to urban areas which makes them very convenient and reduce commuting times
- Asking prices for flats tend to be lower and therefore more financially accessible
- They’re great for young people who want to be within walking distance to restaurants, bars and a broad range of amenities
- Flats are an attractive option for first-time buyers, young professionals and people looking to downsize
- Landlords like flats as they can offer a great ROI and many of the building/ maintenance issues are dealt with by the freehold management company
- They are also very low maintenance and can be more affordable than some houses. Flats that are close to public transport and amenities
- The demand for new builds continues to remain steady. They are often built to a high standard and offer modern living to young professionals and families
- New build buyers also benefit from the compulsory National House Building Council (NHBC) guarantee
- Flats often have extra security features such as controlled access, CCTV surveillance and intercom systems
- With neighbours being so close to each other, there’s often a strong sense of community
- Utility bills can be lower due to their smaller size and shared walls
- They are usually in great catchment areas for schools and close to local amenities and transport links.