Where is the best place to sell a property in England or Wales?

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If you’re an investor with an asset you’re keen to get rid of, you’ll be eager to know where the best places in the country are when it comes to selling homes.

Data released by Quick Move Now and home.co.uk has revealed that Walthamstow is currently the best place to sell a property in England or Wales, based on having the lowest average time on market.

Properties in the North East London district – often known by the nickname Stow to locals and the hashtag #awesomestow on Twitter – have the lowest typical time on market, at just 35 days, the research found.

The area is known for the William Morris Gallery, its outdoor market and its rising popularity among young professionals priced out of more expensive parts of the capital.   

According to the findings, London is currently experiencing a very mixed property market. Areas of the capital city make up seven of the ten best places to sell, but also all ten of the worst places to sell.

Pricing is likely to be playing a significant role in time on the market, which helps to explain why London features so heavily in the worst places to sell list. All ten areas on the worst places to sell list have an average property asking price which exceeds £1 million, while each of the best areas to sell have an average property asking price of less than £500,000 – unsurprisingly signalling that the prime housing market is struggling significantly more than the mass market.

 Best places to sell a property:

LocationMedian number of days on marketMedian price
Walthamstow, Greater London35£450,000
Ashford, Kent36£280,000
Sale, Greater Manchester39£300,000
Rainham, Greater London42£300,000
Bexley, Greater London42£399,995
Brockley, Greater London43£435,000
Upper Sydenham, Greater London44£425,000
Bristol44£300,000
Penge, Greater London45£375,000
Forest Hill, Greater London45£450,000

Worst places to sell a property:

LocationMedian number of days on marketMedian price
Mayfair, Greater London244£2,250,000
Marylebone, Greater London236£1,695,000
Soho, Greater London229£2,000,000
Knightsbridge, Greater London220£2,250,000
Charing Cross, Greater London214£1,300,000
Strand, Greater London212£1,150,000
Regents Park, Greater London204£1,650,000
Westminster, Greater London202£1,100,000
Holborn, Greater London191£1,050,000
Belgravia, Greater London185£1,550,000

The typical time on market for the whole of England and Wales – defined as the median number of days – is currently 70 days.

Danny Luke, Quick Move Now’s managing director, said: “Despite grave concern about how the property market would fare 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.”

He added: “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 is the prime residential market, which 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,” Luke said.

“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.”

He continued: “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, added: “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 boomtowns 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.”

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Written by: Houseladder



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