As activity increases across the property market due to pent-up demand and the stamp duty holiday, newly released data from Quick Move Now and home.co.uk reveal where in England and Wales you can expect to sell your home in record time.
According to the findings, Walthamstow has been named the best place to sell a property in England or Wales, based on having the lowest average time on market, with properties in the North East London district having the lowest typical time on market, at just 35 days.
It seems London is currently experiencing a very mixed property market, however, with areas of the capital city making up seven of the ten best places to sell, and all ten of the worst places to sell.
Pricing may also play a significant role in time on market. All ten areas on the worst places to sell list have an average property asking price in excess of £1million, whereas each of the best areas to sell has an average property asking price of less than £500,000, signalling that the prime housing market is struggling significantly more than the mass market.
The best places currently to sell a property:
1: Walthamstow, Greater London - average of 35 days on the market
2: Ashford, Kent - average of 36 days on the market
3: Sale, Greater Manchester - average of 39 days on the market
4: Rainham, Greater London - average of 42 days on the market
5: Bexley, Greater London - average of 42 days on the market
6: Brockley, Greater London - average of 43 days on the market
7: Upper Sydenham, Greater London - average of 44 days on the market
8: Bristol - average of 44 days on the market
9: Penge, Greater London - average of 45 days on the market
10: Forest Hill, Greater London - average of 45 days on the market
The typical time on market for the whole of England and Wales is currently 70 days.
Danny Luke, Quick Move Now’s managing director, commented: “Despite grave concern about how the property market would fair during the COVID pandemic, there are some very positive signs.
“Overall, a property in England or Wales typically now sits on the market for 41 days less than it did in March of this year. Properties in the best areas to sell are removed from the market in an average of 35 to 45 days. Back in March of this year, properties in the best areas to sell typically stayed on the market for 46 to 65 days. It is important to note, however, that stock levels are significantly lower than they were this time last year.
“At the other end of the spectrum, we can see that the prime residential market is not doing quite so well. Increased home-working, less secure employment and a drop in demand for flats could all be contributing to the typical time on market for the ten worst areas to sell a property.
“Looking ahead, I would expect to see a price correction across prime residential property in the coming months, certainly in London and specifically on flats. With fewer commuting restraints and an increased desire for outdoor space, London’s current oversupply of flats will undoubtedly have an impact on price.
“We will also have to wait to see what effect stricter lending criteria for first-time buyers has on the market. Although many movers have been encouraged by stamp duty measures, first-time buyers are the lifeblood of a property market. Without them, many second- and third-time buyers will find their options severely limited.”
Doug Shephard, director at home.co.uk, adds: “It is highly noteworthy that, despite the COVID driven exodus from central urban areas, the more leafy suburbs of London remain highly popular with homebuyers. So too are the well-connected property-boom towns of Ashford, Bristol and Sale (Greater Manchester).
"However, Prime Central London is clearly not the place to sell right now. In prestigious London Boroughs such as Kensington and Chelsea and the City of Westminster a glut of ex-short-term lets has already crashed rental values and rapidly rising sales stock levels look set to drive down capital values.”