10 best and worst places to sell a property
New time on market figures released by Quick Move Now and Home.co.uk have revealed the best and worst places to sell a property in England and Wales.
There is currently a lot of talk about the impact rising inflation and interest rates will have on the UK property prices, and many estate agents are starting to report a slowing of the market. This is supported by time on market figures that show the typical time on market for unsold properties has risen from 59 days to 65 days in the last month.
Regionally, we can see an imbalance in the market. Time on market is remaining largely stable in some areas, whilst in others it is increasing rather rapidly. Bristol and Plymouth both top the list of the best places to sell, with typical time on market of 40 days. Whilst time on market in Plymouth has remained stable over the last four months, time on market in Bristol has increased by 14 days. That’s an increase of 54 percent.
The same can be seen in the areas listed as the worst places to sell. Marylebone and Mayfair have both seen a nine percent rise in time on market over the last four months, whereas time on market in Soho, Charing Cross, Knightsbridge and Bloomsbury has fallen over the same period.
10 best places to sell a property
|Location||Current typical time on market|
|Stoke On Trent||46 days|
|Portslade By Sea||46 days|
10 worst places to sell a property
|Location||Typical time on market|
|Regents Park||180 days|
|Charing Cross||179 days|
Quick Move Now’s managing director, Danny Luke, said: “There is lots of talk at the moment of the impact of rising interest rates and inflation on the UK property market. Whilst the typical time on market for the whole of England and Wales shows a slowing market, it’s clear that there are areas where demand is still outstripping supply and the market remains hot.
“The key for those hoping to buy or sell in the near future is to research your local property market. If properties are taking a little longer to sell than they were, sellers are going to have to price their properties more competitively and buyers will have more room to negotiate on price. If properties are selling more quickly in your local area, there is likely to be more competition and therefore offers should be attractive to secure the property.
“Generally, I would expect the market to continue to slow over the next few months. Mortgage repayments are becoming more expensive and affordability for mortgage approval is being impacted by the increase in the cost of living. Whilst I’m not sure we’ll see the significant price drops predicted by HSBC, I think we can expect to see a decline in the market.
“We’ve heard tales of first-time buyers delaying their plans to buy by at least a year, which will have an impact on demand, and rising interest rates are likely to affect how many second steppers are looking to move. The lower level of demand will give the property market a chance to stabilise and rebalance. Of course, without the supply and demand imbalance we’ve seen over the last few years, we’re unlikely to see significant price growth, but whether we’ll see a price correction or just a slowing of growth will very much depend on supply and demand on a local level.”
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