2018 has been a challenging year for the UK property market so far. Whilst some areas of the country have been able to maintain positive and buoyant conditions, others have continued to feel the impact of market uncertainty brought about by political turbulence and economic challenges.
How positive homeowners feel about the property market will depend largely on which area of the country they live in. With average time on market currently ranging from as little as 87 days in the most buoyant markets, to more than nine months in more challenging areas, Quick Move Now has once again teamed up with home.co.uk to bring you the ten best and worst place to sell a property in England and Wales.
Top 10 worst places to sell a property:
Rotherham – property spends an average of 279 days on the market
Knightsbridge – property spends an average of 277 days on the market
Sunderland – property spends an average of 277 days on the market
Mayfair – property spends an average of 272 days on the market
North Shields – property spends an average of 268 days on the market
Marylebone – property spends an average of 268 days on the market
Soho – property spends an average of 266 days on the market
Charing Cross – property spends an average of 265 days on the market
South Shields – property spends an average of 264 days on the market
Strand – property spends an average of 262 days on the market
Top 10 best places to sell a property:
Rainham – property spends an average of 87 days on the market
Bristol – property spends an average of 88 days on the market
Strood – property spends an average of 89 days on the market
Swindon – property spends an average of 90 days on the market
Northampton – property spends an average of 93 days on the market
Waterlooville – property spends an average of 94 days on the market
Coventry – property spends an average of 94 days on the market
Basingstoke – property spends an average of 94 days on the market
Rochester – property spends an average of 96 days on the market
Stevenage – property spends an average of 97 days on the market
Having a property that takes a long time to sell is undoubtedly frustrating, but it seems inconvenience is not the only negative impact homeowners face.
According to research by HomeOwners Alliance, which questioned 5,000 estate agents, homes that sell in the first 12 days are most likely to achieve their maximum asking price. The same research suggested that after four weeks on the market, the price achieved drops to around 98 percent of the original asking price.
This drops further to 96 percent after eight weeks, and below 94 percent after three months on the market. In monetary terms, if a property remains on the market for three months, the average homeowners could expect to receive an average of £13,603 below their asking price, and homeowners in London can expect this figure to rise to more than £30,000 less that their asking price.
Danny Luke, Quick Move Now's Managing Director, commented: “As we can see from the data, the property market varies hugely throughout England and Wales; from an average time on market of 87 days in Rainham, right up to an average of 279 days – more than nine months – in Rotherham. These figures also do not take into account conveyancing time, which takes an average of eight to twelve weeks. This means, in reality, it takes homeowners in Rotherham, on average, more than a year to sell their property. Unfortunately, more than one in five of those sales is then likely to fall through before successful completion, meaning the homeowner will be required to start the whole process all over again.
Historically, there has generally been a clear north-south divide between the best and worst places to sell, however, with six of the ten worst places to sell being within Greater London, and the remaining four being in Tyne and Wear and South Yorkshire, that divide seems to be a thing of the past. Even London's once seemingly untouchable market is suffering.
When it comes to the best places to sell a property, with three of the top spots, Kent continues to perform well. The M4 corridor is also one to watch, with both Bristol and Swindon featuring in the top ten.”