This year has certainly been the most challenging year so far for the UK property market.
Despite some areas of the country being able to maintain positive conditions, other areas have been impacted by the uncertainty of the market as a result of political turbulence and economic challenges.
According to Quick Move Now and home.co.uk, the worst places to sell a property consist of the following:
• 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
In contrast, the best places to sell property are the following:
• 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
Managing Director of Quick Move Now, Danny Luke, 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.”