London: the city where properties are sold faster
Walthamstow in London is the fastest place to sell in England or Wales, and properties typically stay on the market for only 35 days. London contains seven of the ten fastest places to sell but also includes the ten slowest areas.
High-value Mayfair area properties stay on the market for 244 days, on average, the slowest of all.
“The London suburbs are still the best places to sell.”
Doug Shephard, director of home.co.uk, added: “It is very remarkable that despite the COVID-driven exodus from central urban areas, London’s more leafy suburbs remain very popular with home buyers.”
“So are the well-connected real estate boom towns of Ashford, Bristol, and Sale (Greater Manchester). However, Prime Central London is not the place to sell at the moment.”
“In prestigious London boroughs such as Kensington and Chelsea and the City of Westminster, excess short-term rentals have already plunged rental values, and rapidly rising sales stock levels appear to reduce the value of equity.”
“The current oversupply will affect property prices.”
Managing Director of Quick Move Now, Danny Luke said: “Looking ahead, I would expect to see a price correction on top-notch residential properties in the coming months, certainly in London and specifically flats.”
“With fewer restrictions on commuting and a greater desire for outdoor space, London’s current glut of flats will certainly have an impact on price.”
“We will also have to wait to see what effect stricter loan criteria for first-time buyers have on the market.”
“Although many moving companies have been encouraged by the stamp duty measures, first-time buyers are the lifeblood of the real estate market. Without them, many second and third-time buyers will find their options very limited.”
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