Newcastle upon Tyne was ranked the fastest location in the country to go under offer in new research from OnTheMarket, a Co-Star Group brand.
The property portal’s Under Offer Index (UOI) showed that Newcastle’s average transaction time – measured from when a property first goes on the market to an offer being accepted or sold subject to contract (SSTC) – was 40 days in the three months from December 2024 to February 2025.
More than half (56%) of homes in Newcastle took just 30 days to have an offer accepted.
These findings moved Newcastle up five places from the same period last year (Dec 2023 to Feb 2024) knocking Plymouth off the top spot.
In the latest report, the southwestern city was the third fastest location go under offer in the ranking (taking 43 days).
Notably, average transaction times have slowed in the past 12 months, as Plymouth took just 36 days to go under offer last year, with second-placed Wigan taking just 37 days.
This time around no region had an average turnaround time of less than 40 days.
Bristol came in a close second to Newcastle – having moved up 16 places from last year – with homes taking on average 42 days to go under offer, compared with 45 days 13 months ago. year.
Plymouth and Sunderland (both 43 days) and Crawley (44 days) completed the top five fastest regions for an acceptable offer to be received.
Meanwhile, the seaside resort town of Blackpool was the slowest sales market, consistent with last year’s bottom-of-the-table ranking.
Vendors took on average 74 days, nearly two-and-a-half months, to accept an offer, even longer than the 69 days it took last year.
With second-from-bottom Blackburn taking 61 days to go under offer, Blackpool vendors were taking 15 days longer to reach the same stage in the buying process.
Less than a quarter of Blackpool homes (23%) went under offer within 30 days.
Slough (60 days) and London and Brighton (both 59 days) completed the top five slowest regions to go under offer.
In London, Havering was the fastest London borough, taking 44 days to go under offer, while slowest borough, the City of Westminster, took not far off twice as long, at 79 days.
Last year’s index saw Bexley top the table as the fastest London borough, taking an average of 43 days, while the slowest was the City of London, where it took a far longer 83 days.
Bexley (47 days to go under offer), Waltham Forest (49 days) and Barking and Dagenham and Sutton (both 51 days) completed the top five fastest London boroughs on the sales front.
At the other end of the table, Lambeth (74 days), Hammersmith and Fulham and Richmond upon Thames (both 72 days), and Wandsworth (71 days), completed the top five slowest London boroughs to go under offer.
Jason Tebb, president of OnTheMarket, said: “It’s not easy to identify geographical trends from our under-offer data, suggesting that transaction speed is largely down to local housing markets.
“A number of factors influence the speed in which it takes to go under offer, including demand and competition among buyers, stock levels, pricing and affordability.
“The Newcastle property market may be moving briskly but that’s no comfort to sellers in Blackpool where the pace is considerably slower.
“However, vendors and buyers can take steps to speed up the process if they wish to proceed more quickly, particularly if they are in an area which seems especially slow.”
He added: “A good local agent with plenty of experience is a great place to start, ensuring properties are priced sensibly before hitting the market and that buyers are qualified, serious prospects.
“Both sides should get all their paperwork in order and engage a good solicitor ready to respond to any enquiries in a timely manner.”
Turning to the rental market, there were tentative signs that the market may be slowing in some areas.
On average, Aldershot saw a property let within 16 days of being advertised between December 2024 to February 2025.
However, over the same period a year ago, Mansfield tenants had only 12 days in which to do the same.
Indeed, all of the top five rental hotspots a year ago – Mansfield, Crawley, Cambridge, Derby and Luton – took 16 days or less to find a tenant.
This time around, the top five took longer than that, with Mansfield taking 17 days, Crawley (18 days), Worthing (21 days) and Basildon (22 days).
At the other end of the table, Liverpool’s tenants had a much more leisurely 40 days to make up their minds.
In Oxford, Nottingham and Sheffield they took 38 days, and 37 days in Newcastle upon Tyne.
In London, Bexley was the quickest place to secure a rental property, taking an average of 20 days to rent, the fastest across the city.
It was also top of the London table last year, taking 19 days for a property to let.
Tebb added: “The rental market is still proving to be highly competitive in certain areas, with some tenants having to make extremely fast decisions.
“However, some local markets are much ‘hotter’ than others, underlining the importance of really understanding the market you are trying to rent in. An experienced local agent will be able to help with that knowledge, assisting you with your strategy and ensuring you don’t miss out.
“Tenants would do well to get to know their local agents and get them on side, particularly in fast-moving rental markets.
“This should get you to the front of the queue when a suitable property becomes available.”
