The property portal’s data shows that Newcastle’s average transaction time is 40 days in the three months from December 2024 to February 2025.

More than half (56%) of homes in Newcastle take just 30 days to have an offer accepted. This means the city has moved up five places from the same period last year between December 2023 and February 2024.

Plymouth, previously at the top, has moved to the third fastest location to go under offer in the ranking at 43 days.

OnTheMarket notes that 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.

Bristol has moved up 16 places from last year in second place with homes taking on average 42 days to go under offer, compared with 45 days 13 months ago.

Plymouth and Sunderland (both 43 days) and Crawley (44 days) complete 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 ranking.

Vendors took on average 74 days 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 are 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.

Meanwhile, in the rental market, Aldershot is the fastest moving market.

OnTheMarket explains that there are tentative signs that the rental market may be slowing in some areas.

Prospective tenants in Aldershot have to move the quickest, as a property is let within 16 days, on average, 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.

In all of the top five rental hotspots a year ago – Mansfield, Crawley, Cambridge, Derby and Luton – it took 16 days or less to find a tenant.

The latest data shows 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 have 40 days to make a move.

In Oxford, Nottingham and Sheffield they took 38 days, and 37 days in Newcastle upon Tyne.

In London, Bexley is the quickest place to secure a rental property, taking an average of 20 days to rent, the fastest across the city.

Commenting on the buyers market, OnTheMarket president Jason Tebb says: “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.”

On the rental market, Tebb explains that it 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.”