Regionally, we can see an imbalance in the market. Time on market is remaining largely stable in some areas, whilst in others it is increasing rather rapidly. Bristol and Plymouth both top the list of the best places to sell, with typical time on market of 40 days. Whilst time on market in Plymouth has remained stable over the last four months, time on market in Bristol has increased by 14 days. That’s an increase of 54%.
The same can be seen in the areas listed as the worst places to sell. Marylebone and Mayfair have both seen a 9% rise in time on market over the last four months, whereas time on market in Soho, Charing Cross, Knightsbridge and Bloomsbury has fallen over the same period.
10 best places to sell a property:
Bristol & Plymouth - 40 days on the market, Derby 43 days, York 44 days, Northampton, Stockport, Stoke on Trent, Portslade By Sea, and Maidstone 46 days on the market and Swindon 47 days.
10 worst places to sell a property:
At the other end of the scale, the 10 currently worst places to sell a property are Paddington on 157 days, Bloomsbury on 159 days, Salford 173 days, Knightsbridge 177, Stretford & Charing Cross both on 179 days, Regents Park 180 days, Soho 196 days on the market, and Marylebone & Mayfair both on 202 days.
Quick Move Now managing director, Danny Luke, said: “There is lots of talk at the moment of the impact of rising interest rates and inflation on the UK property market. Whilst the typical time on market for the whole of England and Wales shows a slowing market, it’s clear that there are areas where demand is still outstripping supply and the market remains hot.
“The key for those hoping to buy or sell in the near future is to research your local property market. If properties are taking a little longer to sell than they were, sellers are going to have to price their properties more competitively and buyers will have more room to negotiate on price. If properties are selling more quickly in your local area, there is likely to be more competition and therefore offers should be attractive to secure the property.
“Generally, I would expect the market to continue to slow over the next few months. Mortgage repayments are becoming more expensive and affordability for mortgage approval is being impacted by the increase in the cost of living. Whilst I’m not sure we’ll see the significant price drops predicted by HSBC, I think we can expect to see a decline in the market.
“We’ve heard tales of first-time buyers delaying their plans to buy by at least a year, which will have an impact on demand, and rising interest rates are likely to affect how many second steppers are looking to move. The lower level of demand will give the property market a chance to stabilise and rebalance. Of course, without the supply and demand imbalance we’ve seen over the last few years, we’re unlikely to see significant price growth, but whether we’ll see a price correction or just a slowing of growth will very much depend on supply and demand on a local level.”
