Property Reporter



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

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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

Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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HMO Midlands Landlady
HMO Midlands Landlady 24 May 2016

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CommercialTrust
CommercialTrust 20 May 2016

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Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

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Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

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richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

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Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

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richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

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Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

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WPD
WPD 12 May 2016

I suggest the answer is to have the notary system being one legal person who represents both parties. Having experienced it a couple of times in France it was a dream compared to our dysfunctional system....

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warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

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james anderson 03 May 2016

The sad demise of the croquet lawn...

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