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

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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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

How about the Welsh Govt introducing a scheme to protect landlords against "rogue" tenants who are then taken to court for criminal damage to the properties they trash. Pretty unlikely I suspect and politically...

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AmberMorris
AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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