Time to let a home falls to record low of 20 days
It took an average of just 20 days to let a home between January and July this year according to a survey by Countrywide’s high-end brand Hamptons International.
This is three days quicker than in the first seven months of 2018 and the quickest time on record, says the agency.
Every region recorded a fall in the time it took to let a property, with London reporting the biggest year-on-year decrease.
It took 19 days on average to let a home in the capital during the first seven months of the year, six days quicker than during the same period in 2018.
Falling stock levels – down five per cent so far this year – combined with increasing applicant demand of 5.6 per cent have caused the fall.
The South West and East Midlands were the quickest regions to let a home, each took 18 days on average.
By contrast during the first seven months of the year it took 24 days on average to let a home in the North East, although this was four days faster than the first seven months of 2018.
Increased demand for larger homes has meant that three-bed properties let fastest, taking 19.3 days on average.
Hillingdon was the local authority where it took the least time to let a home in Great Britain.
In the first seven months of 2019 it took 9.5 days on average to let a home there, half the average time it took in Great Britain overall. Six out of the top 15 areas where it was quickest to let a home were in London.