How long does it take to sell a house in the North East?

How long does it take to sell a house in the North East?

Analysis of 15 North East areas by sales and lettings firm KIS shows homeowners in the region wait an average 238 days to sell their property - two months faster than this time last year.

People who own propertes in Tynemouth have the shortest waits for sales with houses selling 42% faster than the regional average, with homes in the town typically taking just 140 days to sell. Their neighbours in Whitley Bay have a similarly short wait, with properties selling on average after 161 days.

Vendors in Ashington should prepare themselves to be left waiting for more than a year – with the average property in the town taking 375 days to sell. This wait is, however, down from 424 days recorded this time last year.

North East houses are currently selling an average of 20% faster in March 2016 than they did in March 2015, with Blyth leading the way with 38% year-on-year drop in the time taken for properties to sell.

Homes in Chester le Street were the only ones surveyed to be selling at the same speed that they were twelve months ago.


Ajay Jagota, founder and Managing Director of North-East based sales and lettings firm KIS, commented: "When people come to sell their homes the first question they always ask their estate agent is ‘how long with it take to sell my property?’ but it’s a question no-one has really been able to answer honestly– until now.

If you live in the North East and are looking to move house in 2016 and have a property to sell, you should be prepared to wait eight months to find a buyer. So if you want to be in your new home for Christmas, get your home on the market now. Our research really shows how true the cliché of ‘location location location’ can be, with our research showing properties in Whitley Bay selling 235 days faster than those in Ashington – a difference of 7 months, despite the towns being just 15 miles apart. It’s this kind of local insight that you get from an expert estate agency.

It’s a really positive sign for the North East property market that houses are selling two months faster this year than last. This have something to do with the 3% Stamp Duty on additional homes being imposed from April 1st, which could be causing a rush of properties being purchased by investors. What will really be interest to see if whether or not that pace can be sustained, especially if we see  flood of properties coming to market, for example from landlords disheartened by recent tax changes.”

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Latest Comments

Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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