Just 14% of properties currently listed for sale within the last 30 days have found a buyer, according to the latest data release by estate agent comparison site GetAgent.
However, the figure climbs to more than one in five across a number of major cities, highlighting that estate agents are facing significantly different market conditions from one city to the next.
The site 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 research found 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 found current performance can differ drastically depending on location.
For example, across Sheffield, agents are selling as many as 22.9% of all homes listed within 30 days of them hitting the market, while in Bristol, 22.6% of homes are finding a buyer within the same period.
More than one in five homes are also selling within 30 days of first being listed in Newcastle (22.5%) and Leeds (20.4%).
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%).
Colby Short, GetAgent co-founder and CEO, 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 relisted. 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.”
