Property market hares and tortoises – which regions sell houses fastest?

31 October 2017
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Homes in the north east are the slowest to sell, according to research from HouseSimple.

The online estate agent has found that nearly one in three (28.5%) properties listed in Sunderland is still on the market after six months. The next worst performing city was found to be Liverpool where one in four (24.9%) failed to sell in six months.

In contrast, Belfast has the fastest moving market with a tiny 1.9% of properties still on the market after six months. This was followed by east midlands town Northampton, with a mere 3%.

While property prices in London have been falling over the past few months, the number of houses stuck on the market is too. Since March this year the number of properties still for sale after six months dropped from 13.8% to 12%. The City of Westminster performed worst with 22.5% still on the market over the same period. Waltham Forest performs best with a tiny 0.5% that didn’t shift.

Alex Gosling, CEO of HouseSimple comments: “Across the 50 towns and cities we looked at, the length of time it’s taking for properties to sell appears to be falling. Eight months ago, when we carried out the same research, 13% of properties listed had been on the market at least six months. That figure has now fallen to 12.5%. Similarly, in London, we’ve seen a 1.8% drop since March.

“It would be foolhardy to say that the market has dramatically improved and that normality has been restored. In London, particularly, what we’re seeing is recognition from sellers that prices have cooled and that to secure a sale they need to be more flexible on price. And Brexit is definitely playing its part. No-one knows what is around the corner and there will be sellers who are keen to secure a sale while the market remains reasonably stable and are willing to negotiate with buyers who are in a position to proceed.

“In any market, but especially in the current climate of uncertainty, sellers need to price sensibly if they want to attract buyers. That doesn’t mean discounting heavily, but If you price too high for the area your home won’t sell even if it’s an exceptional property. It’s very easy now for potential buyers to check sold prices along streets to see if a property is over-priced. Also, be prepared to negotiate if you want to get a quick sale. For the sake of a few thousand pounds, it might be worth taking a lower offer from a committed buyer, particularly if they’re not having to sell something at the same time.”

See the tables below for the best and worst towns for stagnant property markets:

Town/City% of properties on the market 12 months+% of properties on the market 6 months+Oldest property on the market
Sunderland14.30%28.50%22/03/2011
Liverpool7.40%24.90%20/04/2010
Bradford8.90%19.80%01/07/2010
Middlesbrough8.00%19.80%28/01/2010
Newcastle-upon-Tyne8.10%18.60%05/11/2010
Wolverhampton8.20%17.40%20/08/2012
Preston8.00%17.30%24/06/2011
Bolton5.90%17.20%19/06/2013
Aberdeen6.70%17.10%23/12/2015
Walsall7.20%16.50%14/05/2013

Source: HouseSimple, October 2017

Town/City% of properties on the market 12 months+% of properties on the market 6 months+
Belfast0.90%1.90%
Northampton0.50%3.00%
Reading0.30%3.60%
York0.40%4.70%
Bristol0.90%4.70%

Source: HouseSimple, October 2017

 

Comments

In reply to by anonymous_stub (not verified)

Why do none of your tables for house sales cover the South West? It seems we are a forgotten region.

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