The latest data release by estate agent comparison site, GetAgent.co.uk, has revealed that just 14% of properties currently listed for sale within the last 30 days have found a buyer, although this figure does climb to more than one in five across a number of major cities, highlighting that while the market has cooled, estate agents are facing drastically different market conditions from one city to the next.
GetAgent analysed current for sales listing data from Zoopla, looking at the number of homes currently listed for sale across the market in England within the last 30 days and what proportion of these properties had already gone under offer or sold subject to contract despite just reaching the market.
The figures show that across England, just 14.3% of all homes currently listed within the last 30 days have snagged a buyer.
However, further analysis of 10 major cities by GetAgent found that when it comes to an estate agent's ability to shift stock at pace, current performance differs drastically depending on location.
For example, across Sheffield, agents are selling as much as 22.9% of all homes listed within 30 days of them hitting the market.
In Bristol, 22.6% of homes are finding a buyer within just 30 days, while in Newcastle (22.5%) and Leeds (20.4%) more than one in five homes are also selling within 30 days of first being listed.
In contrast, Leicester is home to the lowest level of homes selling at pace, with just 9.8% of all current for sale stock finding a buyer within 30 days.
London also ranks poorly in this respect (11.6%), as does Birmingham (15.8%).
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
“Even within the fastest selling areas of the market, there is a disappointing number of properties that have agreed to a sale in their first 30 days. Additionally, not all of these sales will complete, and many will have to be re-listed. This goes to show that it is still difficult to sell a property in the current market.
"However, many agents are doing a great job by pricing appropriately, maximising exposure for their listings, and managing to get sales agreed. If you’re a homeowner looking to sell, make sure you look at what the agent has sold lately, how long it took them to sell it, and, if possible, the percentage of the asking price they achieved. Your home is your largest financial asset, so make sure you engage an expert to sell it for you.”
