Liverpool has been named the UK's fastest moving property market.

New data from Zoopla has revealed homes sold in the city were on the market for just 17 days before the average seller agreed an offer. According to the property sales website one bed flats are the most in demand and the fastest to sell, with an average time of just three weeks due to lower asking prices.

However, four-bedroom homes, which have an average price tag of £477,000 in the area, take almost two months to sell in comparison. Zoopla says the change comes due to rising mortgage rates, which means people are favouring cheaper homes in areas such as the north west - where the average home is between £72,000 - £125,000 less expensive.

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Izabella Lubowiecka, Senior Property Researcher at Zoopla said: “Over the last 12 months, the time to agree a sale has increased by almost two weeks. This is due to a few factors: there are fewer buyers in the market alongside cost of living concerns and higher mortgage rates which has meant many have had to pause a search for their next home.

"However, we are now simply seeing a return to more normal market conditions experienced in the years leading up to the pandemic. Anyone thinking about selling should bear this in mind and be prepared that it may take longer to sell their property than in recent years.”

Wigan was also featured as the UK's 20th fastest property market, with homes taking approximately 27 days to sell. The second and third fastest-moving markets respectively are Manchester and Salford, where the average time to agree an offer is 21 and 23 days.

It’s a completely different picture in other regions with the Midlands, Wales and Southern England (excluding London) seeing the time it takes to sell their home increase by two weeks compared to last year.

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