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Best places to invest in UK property named

03/07/2018 News Team

Canterbury, Bristol, Southampton, Manchester and Nottingham are the best locations in the UK to invest in property, according to research conducted by Compare the Market.

The research examined the locations with the faster selling properties, taking into account the average number of days properties are on the market for and how long current owners have lived in their properties, as well as the number of properties available in a particular area.

Canterbury has the fastest average property selling time in the UK of just 28 days, despite its above average property costs of £311,774, which is six percent above the national average (£292,893).

Bristol is also more expensive, with property prices six percent above average, but houses have only been owned by their current owners for an average of 2.5 years.

Manchester is the cheapest location of the five, with an average purchase price of £186,069, and it has the shortest average time inhabited by their current owners of 2.2 years.

Like Manchester, Nottingham has low house prices and current owners have only lived in their properties for an average of 2.8 years.

In Southampton, properties spend an average of 40 days on the market and purchase prices are also below the national average.

In comparison, although there are 40,000 more property sales a year in London than anywhere else in the UK, properties take an average of 89 days to sell, which is only faster than a few cities, including Cardiff and Hull.

Costs are higher in London, the average property price is £635,881 and London also has one of the lowest ratio of estate agents to people in the UK, with only 41 per 100,000 people.

Compare the Market is a UK based price comparison website, which was launched in 2006. The company offers comparisons on a range of insurance products, most notably car and home insurance.

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