Revealed: UK cities where overpriced homes take longest to sell

17 September 2019

In some areas an overpriced property can take an extra two months to sell

Image

Putting your home on the market for too high a price can result in it taking up to two months longer to sell than an accurately priced property, new analysis shows.

Homes in Blackburn, Oxford and St Helens take the longest to sell if over-priced, taking up to two months to sell, according property website Zoopla.

Zoopla measured the length of time homes were listed for sale on the site and then matched this data with the final sale prices from the Land Registry.

It defined ‘overpriced homes’ as ones that sellers had reduced the asking price by at least one time before being sold and ‘accurately’ priced homes as ones which were sold without a reduction.

Regional time to sell comparison

Rank Town Average time
to sell
Average
price achieved
Time to sell
(accurately priced)
Time to sell
(overpriced)
Difference
1 North East 55 £123,000 22 90 68
2 Wales 48 £145,000 17 83 66
3 North West 51 £145,000 21 85 64
4 London 62 £445,000 24 84 60
5 Yorkshire and the Humber 44 £149,000 18 76 58
6 South East 54 £308,000 21 78 57
7= East of England 49 £270,000 19 73 54
7= South West 44 £233,500 16 70 54
9 East Midlands 40 £172,500 16 69 53
10 West Midlands 36 £173,000 17 66 49

Source: Zoopla, September 2019

Zoopla found that in Blackburn it takes on average 70 days to sell a home. However, for sellers overpricing their homes it took 91 days to sell, 64 days longer than an accurately priced home which takes 27 days to sell.

Meanwhile, homes in Oxford and St Helens that were overpriced saw 62 and 61 days added to the average length of time on market compared to properties that were accurately priced.

This compares to England and Wales where properties receive an offer after 60 days on average, rising to 77 days when the home was overpriced and falling to 19 days when realistically priced.

Properties in the North East and Wales that had been reduced in price since first being listed on Zoopla took the longest to sell.

In these regions it took an average of 90 days and 83 days to sell, compared to 22 days and 17 days for homes that were priced accurately.

In London, it typically takes 62 days to sell a home on average, rising to 82 days for property that received a discount and falling to 24 days when not overpriced.

Time to sell comparison: top 20 towns for overpriced properties

Postal Town (and rank) Average
price
achieved
Median
time
to sell
Time to sell
(accurately
priced)
Time to
sell
(overpriced)
Difference  
1. Blackburn £   117,500 70 27 91 64
2. Oxford £   375,000 77 28 90 62
3. St Helens £   103,000 69 24 85 61
4= Blackpool £   105,000 77 26 86 60
4= Lancaster £   150,000 64 17 77 60
6= Rotherham £   125,000 48 15 74 59
6= Wirral £   182,000 55 14 73 59
8. Pontefract £   130,000 59 25 83 58
9. Hemel Hempstead £   330,000 67 18 75 57
10= Newcastle
Upon Tyne
£   145,000 58 20 76 56
10= Chesterfield £   150,000 44 14 70 56
12. Swansea £   142,000 56 16 70 54
13= Burnley £   100,000 61 28 81 53
13= Huddersfield £   142,500 49 17 70 53
13= Wakefield £   154,000 48 14 67 53
13= Carlisle £   127,750 50 12 65 53
13= Wigan £   128,000 49 19 72 53
18= Kings Lynn £   199,999 55 17 69 52
18= Preston £   152,500 57 17 69 52
20. Barrow-in-Furness £   120,000 62 22 73 51

Source: Zoopla, September 2019

Laura Howard, spokesperson for Zoopla, says: “Our analysis only goes to prove what every good agent already tells us - that pricing your home realistically results in a better chance of a quicker sale.

“Entering the market fresh with a price that’s too high is not just a gamble that might not pay off, it can actually be detrimental to the selling process. 

“Sellers of Oxford homes that have been overpriced for example, are being forced to wait at least an extra two months for an offer, compared to a reasonably priced property in the area.”

Comments

article

You say UK - but no scottish cities mentioned......? Aberdeen picking up yet?

Add new comment