Revealed – where is the best place to sell a property in England or Wales?

23 October 2020 | Investment

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:

Location

Median number of days on market

Median price

Walthamstow, Greater London

35

£450,000

Ashford, Kent

36

£280,000

Sale, Greater Manchester

39

£300,000

Rainham, Greater London

42

£300,000

Bexley, Greater London

42

£399,995

Brockley, Greater London

43

£435,000

Upper Sydenham, Greater London

44

£425,000

Bristol

44

£300,000

Penge, Greater London

45

£375,000

Forest Hill, Greater London

45

£450,000

Worst places to sell a property:

Location

Median number of days on market

Median price

Mayfair, Greater London

244

£2,250,000

Marylebone, Greater London

236

£1,695,000

Soho, Greater London

229

£2,000,000

Knightsbridge, Greater London

220

£2,250,000

Charing Cross, Greater London

214

£1,300,000

Strand, Greater London

212

£1,150,000

Regents Park, Greater London

204

£1,650,000

Westminster, Greater London

202

£1,100,000

Holborn, Greater London

191

£1,050,000

Belgravia, Greater London

185

£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.”

This post has originally been featured in Property Investor Today.