There is significant demand for homes right now, but buyers and vendors should be aware of potential delays. The level of activity in the market has created a backlog in some areas.
At David Harris & Co, we work hard to ensure you receive strong support at all times. We can take you from start to end of the sales process. We will also ensure you make an informed decision about your next move.
Many parts of the London market is moving quickly
It shouldn’t be a surprise that price is a prominent factor in how long it takes to sell property. The ten poorest performing areas on the selling list have an average price of property greater than £1m. The best areas to sell property hold an average asking prices of less than £500,000.
The best places currently to sell a property:
1: Walthamstow, Greater London - average of 35 days on the market
2: Ashford, Kent - average of 36 days on the market
3: Sale, Greater Manchester - average of 39 days on the market
4: Rainham, Greater London - average of 42 days on the market
5: Bexley, Greater London - average of 42 days on the market
6: Brockley, Greater London - average of 43 days on the market
7: Upper Sydenham, Greater London - average of 44 days on the market
8: Bristol - average of 44 days on the market
9: Penge, Greater London - average of 45 days on the market
10: Forest Hill, Greater London - average of 45 days on the market
The typical time on market for the whole of England and Wales is currently 70 days.
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Danny Luke, Quick Move Now’s managing director, commented: “Despite grave concern about how the property market would fair during the COVID pandemic, there are some very positive signs. Overall, a property in England or Wales typically now sits on the market for 41 days less than it did in March of this year. Properties in the best areas to sell are removed from the market in an average of 35 to 45 days. Back in March of this year, properties in the best areas to sell typically stayed on the market for 46 to 65 days. It is important tonote, however, that stock levels are significantly lower than they were this time last year.”
Danny continued by saying; “At the other end of the spectrum, we can see that the prime residential market is not doing quite so well. Increased home-working, less secure employment and a drop in demand for flats could all be contributing to the typical time on market for the ten worst areas to sell a property. Looking ahead, I would expect to see a price correction across prime residential property in the coming months, certainly in London and specifically on flats. With fewer commuting restraints and an increased desire for outdoor space, London’s current oversupply of flats will undoubtedly have an impact on price.”
Danny concluded by saying; “We will also have to wait to see what effect stricter lending criteria for first-time buyers has on the market. Although many movers have been encouraged by stamp duty measures, first-time buyers are the lifeblood of a property market. Without them, many second- and third-time buyers will find their options severely limited.”
Doug Shephard, director at home.co.uk, adds: “It is highly noteworthy that, despite the COVID driven exodus from central urban areas, the more leafy suburbs of London remain highly popular with homebuyers. So too are the well-connected property-boom towns of Ashford, Bristol and Sale. However, Prime Central London is clearly not the place to sell right now. In prestigious London Boroughs such as Kensington and Chelsea and the City of Westminster a glut of ex-short-term lets has already crashed rental values and rapidly rising sales stock levels look set to drive down capital values.”
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today.
