One in 10 accommodations is offered within a fortnight…

Out of stock sees one in 10 homes sell within 14 days of entering the market, claims GetAgent.

The agent comparison website claims supply is so low in some areas that one in five properties are offered within the same time frame.

This is based on Rightmove listings verified by GetAgent on June 17.

Regionally, Scotland is currently home to the hottest market where the proportion of new homes sold within 14 days reaches 18%, according to the study.

In the South West of England, 13% of properties are sold within two weeks, while in Wales, the West Midlands and East of England it’s 12%.

London is home to the slowest market in this regard, with just 7% of all homes sold in two weeks.

At city level, Scotland remains at the top of the rankings, with Edinburgh (23%) and Glasgow (19%) recording the highest proportion of shares for sale sold within two weeks of going on sale.

Bristol also ranks in the top three at 16%, while Portsmouth and Birmingham are also among the most likely to see a home sell almost immediately.

Just Belfast ranks lower than London, where not a single house currently on the market has sold within two weeks of first listing.

Colby Short, managing director of GetAgent.co.uk, said: “Since interest rates started to climb, the country’s property prophets have been out in force calling the UK property market demise again.

“However, we just don’t see that on the ground and while there has certainly been a return to normal in terms of mortgage approval levels and the rate of house price growth, the Buyer demand remains extremely high and property values ​​have yet to show signs of declining.

“In fact, the balance between supply and demand is so lopsided that homes are selling under contract at pace and in many areas, with one in five doing so in just two weeks in some cases.

“Of course, it doesn’t speed up the long process from accepting an offer to closing a sale, but it does significantly reduce the overall sales schedule time.”

Percentage of homes listed in the past two weeks have already been sold under contract in each area of ​​the UK market