New figures released by Quick Move Now and Home.co.uk have revealed the best and worst places to sell a property in the UK, based on the typical time a property is on the market before accepting an offer.
The data highlights that Scotland’s property market is performing strongly, with eight locations in the top ten list, while London’s property market continues to move more slowly.
According to the report, the best places to sell a property are Falkirk, Hamilton, and Glasgow, with typical times on the market of 11, and 17 days each, respectively.
Meanwhile, Paddington, Notting Hill, and Chelsea were identified as the worst places to sell a property, with typical times on the market of 139, 133, and 132 days, respectively.
Danny Luke, Quick Move Now’s managing director, said: “The figures show how mixed the property market is at the moment. Areas with well-priced homes and strong demand are still seeing properties go ‘under offer’ in just a few weeks. Those at the other end of the market, with a more limited pool of potential buyers, are often sitting on the market for several months.
“At a time when would-be buyers are facing both higher living costs and higher mortgage rates, price is key to a successful sale strategy. Homeowners got used to tales of inflated property prices last year, but it’s important that they familiarise themselves with the current state of their local property market if they want to avoid a prolonged sale process.
“It’s also important for sellers to consider how well presented their property is. In a buoyant seller’s market, like the one we experienced last year, it’s very easy to secure a sale. In the current market, sellers are finding that buyers – and mortgage lenders – are a lot more cautious, and therefore are looking for risk-free properties. For that reason, you’d be wise to address any areas of your property that require maintenance or updating before putting it on the market.
“Asking three local estate agents to value your property will give you a good idea of how much your property might be worth and help you price it competitively. With fewer potential buyers currently looking for homes, it’s important that your property offers something that others on the market don’t, either in terms of price, space or presentation.
“It’s also important to remember that these figures relate to how long it takes for homeowners to accept an offer. New figures suggest that it currently takes an average of more than four months for a successful sale to go from offer acceptance to completion, so selling a property is not a quick process. It’s also not a very reliable one, with around a third of all property sales falling through before completion. For this reason, my prediction is that chain-break services are going to become far more in demand over the next year, especially in areas where properties are taking longer to sell.”
