Willenhall, a market town in the West Midlands, is the fastest moving market since restrictions on moving home were eased in England according to the latest research by Rightmove.
Over half (55%) of all newly listed properties put up for sale in Willenhall since the market reopened have already found a buyer. Alternatively, four of the five slowest-moving markets are in the capital, with South Kensington and Paddington being the top of the list. In these two areas just 4% and 5% of newly listed properties have found a buyer respectively.
On average, Rightmove claims it takes around 60 days from the time a property goes on Rightmove until a sale has been agreed.
Miles Shipside, property expert at Rightmove, said: “Space, gardens, new lifestyles and escaping big cities, that pretty much sums up what we’ve been seeing from buyer demand since the market reopened in England.
“I can’t see there being a mass exodus from the capital, but it does look set to be much more challenging for sellers of more expensive properties in zone 1 and parts of zone 2 who are looking to sell quickly, as people instead look further out to the end of the tube line to places like Walthamstow.
“The bounce back has been quite remarkable in many parts of the country, and agents in areas where new instructions are selling like hot cakes will likely have been struggling to cope with the demand, especially with safe viewing procedures also in place.
“It’s encouraging that properties that came to market before the lockdown started are also selling, in some cases ones that have been up for sale for over six months, giving those people who struggled to sell for whatever reason at the start of the year the chance to now move on to the next step in their journey.
“Buyers bouncing back in big numbers means lenders are struggling to keep pace with demand. Families with equity already built up are in a much better position than a number of first-time buyers who are trying to find a mortgage deal they can afford, which is even more difficult if they’re looking to buy in one of the more expensive areas.”
This post has originally been featured in Property Wire.