London contains the best and worst places to sell

15 October 2020 | General

Walthamstow in London is the fastest place to sell in England or Wales, with properties typically staying on the market for just 35 days.

London contains seven of the 10 fastest places to sell, though it also contains all the 10 slowest areas.

Properties in the high value Mayfair area stay on the market for 244 days on average, the slowest of all.

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-boom towns 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.”

Danny Luke, Quick Move Now’s managing director, 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.

“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.”

The typical time on market for the whole of England and Wales is currently 70 days.

A property in England or Wales typically sits on the market for 41 days less than it did in March of this year.

This post has originally been featured in Property Wire.