In this latest edition of our Under Offer Index, with data from July-September, we track where UK properties (excluding Northern Ireland), for sale and rent, received an offer the fastest, and where it took the longest to reach an acceptable offer.
Rental markets
When looking at rental markets, we see several new entries to the top 10. Exeter, Manchester, Cambridge, Bristol, Bournemouth and Southampton have all risen over ten places to their current positions. Given these are all university cities, the time of year could explain these changes with students moving to their universities to start the new school year.
In the London rental market, Wandsworth becomes the fastest-moving borough, rising four places, with “let agreed” reached in only 20 days. We see three new entries to the top 10 with Sutton (4th), Southwark (6th) and Lambeth (7th). This means Haringey, Kingston-on-Thames and Lewisham have fallen out of the list.
Looking at the bottom of the list, Hounslow and Harrow each take an average of 32 days to reach ‘let-agreed” while Brent takes 31.
Sales markets
We had a surprise entry in this edition, with Burnley launching from 49th (out of 54) all the way to the top spot, now taking 37 days to reach Sold Subject to Contract (SSTC).
There were several other big moves with Warrington leaping 22 places to fourth place and Derby jumping from 33rd to 6th. In fact, only three of our previous top 10 have made a repeat appearance. Luton now sits at second, up from sixth, Bradford is now fifth, moving up from ninth, and Sunderland sits at ninth, falling from third.
In London, we see movement within the top 10 with Bexley moving from second to first, Havering rising two places to second and Waltham Forest dropping from first to third. We see new entrants to the top 10, with Newham rising 12 places to eight and Redbridge rising one place to tenth. This means we see Enfield and Hackney dropping out of the list.
Meanwhile, at the other end of the list, Kensington and Chelsea and the City of Westminster remain the two slowest property markets within London, taking 84 and 78 days to reach SSTC respectively.
