Cornwall news St Austell and Truro among places where homes sell fastest UK news
PremierLeague-News.Com - Cornwall - Everyone wants to live in Cornwall, but it takes longer to seal the deal in some areas than others
PremierLeague-News.Com - Breaking Sport Transfer News ! The average time it takes for a house to go from listing to sale across different Cornish postcodes has been revealed. Some areas see homes change hands within less than 100 days, while in others it can take more than half a year, at almost 200 days. People are buying and selling Cornish houses at record-high levels, with an incredible surge in average sale prices and purchase rates. Estate agents and property websites have been reporting numbers of buyers far greater than the amount of housing up for sale. The pandemic has sent the Cornish property market to the moon; one estate agent recently reported receiving an offer for one home in Port Isaac within five minutes of listing it. Another said the market is the busiest he’s ever seen it. However, data from house buying firm Property Solvers has shown that while houses are being snapped up like never before, the process of buying is taking far longer in some places than others. You can stay up-to-date on the top news near you with CornwallLive's FREE newsletters – find out more about our range of daily and weekly bulletins and sign up here or enter your email address at the top of the page. The company, using Rightmove sales data from the past 12 months, has analysed how fast homes in each Cornish postcode go from public listing to official sale on HM Land Registry. Sale speed in Cornwall ranges from little under 100 days to nearly 200, likely accounting for the lengthy process of bidding, waiting for a seller to accept and all the dreaded legal searches, mortgage arrangements and other paperwork. The fastest postcode is not a wealthy west Cornish seaside town, nor does it include massive areas of mega-rich property - it’s near St Austell. Par is the best sellers' market, in terms of speed, with an average sale time of 93 days - around half the time of the slowest average. Despite the story of a bungalow having sold within five minutes of being listed online at Port Isaac, the average time for a sale to be entirely finished in the PL29 postcode is 184 days. The TR2 postcode, which covers villages just outside Truro including Tresillian, Grampound and Probus, saw an average sale time of 94 days, with Fowey (PL23) at 95 , Marazion (TR17) 96, and parts of Penzance (TR20) selling in 97 days on average. In the rest of the Truro area, it takes longer to sell: TR1 - average of 131 days from listing to officially sold TR2 - 94 TR3 - 127 TR4 - 121 Several other areas of north and east Cornwall, as well as Par, have been fairly speedy sales spots too: St Austell PL25 - average of 106 days to sell PL26 - 106 Wadebridge PL27 - 113 In west Cornwall, where estate agents and letting agents alike have reported incredible amounts of interest, the sales have not all been fast from start to finish: Hayle TR27 - 122 St Ives TR26 - 104 Penzance TR18 - 125 TR19 - 123 The same goes for postcodes around Helston and the Lizard, where average sale times for TR12 are 114, and 111 for TR13.
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Newquay, which was recently dubbed the UK’s “hottest” seller’s market due to the high proportion of properties being shifted, is not the fastest when taking into account the process of finalising a sale. The TR7 (114 days) and TR8 (101 days) postcodes are both in and around Newquay. Other areas where it takes, on average, a pretty long time to finish up a sale include: Tintagel PL34 - 161 days on average St Columb TR9 - 145 Penryn TR10 - 140 Bude EX23 - 125 Launceston PL15 - 124 Nicky Burridge, writing for rival property sales site Zoopla, said the average time to buy a house should be six to 12 weeks - or between 42 and 84 days. Houses, she said, tend to sell faster than flats, erring more towards the 42 days end. This is based on analysis for February 2021. Ms Burridge’s figures are based on the time between listing and a sale agreed, though, and does not include the time between the agreed sale and it being official on the registry. However, she added that the whole process has been taking longer in the last year, saying: “Unfortunately, the pandemic has slowed down some aspects of the home-buying process. “The Government [had] requested that initial viewings are carried out virtually if possible. Physical viewings [could] only be done in strict time slots and must adhere to social distancing rules.” Property Solvers co-founder Ruban Selvanayagam said: “Although buyer demand hasn’t waned over the course of the pandemic, the length of time for transactions to complete has certainly lengthened. “Operational activity has still pretty much continued, but the home sales industry – like many others – has had to learn to adapt over the last year. Many solicitors, mortgage brokers and other professionals in our sector have been working from home which has often resulted in administrative and other operational delays. “However, with positive news around the vaccine roll-out, as more people gradually return to offices and agencies, we’re cautiously optimistic about things picking up over the course of the year.” You can check out Property Solvers’ sales speed tool here. More stories from Cornwall: Residents defend travellers following concerns about Cornwall coastal site Does Highways England have planning permission to build new dual A30 in Cornwall?
Source = PremierLeague-News.Com - Cornwall