The demand for property post-lockdown has been surprisingly high. Spending all their time at home, many householders found that there were elements they did not like about their house or decided they wanted a larger living room, home office or garden and more outside space. Coupled with the incentive of the Chancellor’s ‘Stamp Duty Holiday’ until 31 March 2021, a surprising number of properties have gone on the market – and sold really quickly.
If you are considering selling your home, it is interesting to see where in England and Wales properties are being snapped up quickest! The answer is perhaps a surprising one – Walthamstow in north east London, clinches the title for having the lowest average time on the market – just 35 days. This compares to the average selling time in England and Wales, which is currently, 70 days.
Walthamstow has certainly gained the image of a ‘trendy town’ and is situated 9.6 miles from central London. Its ‘claim to fame’ is that it was the birthplace of textile designer William Morris and it has the longest daily market in Europe! Walthamstow Wetlands is a popular nature reserve, with ten reservoirs and plenty of birdlife including herons.
London actually has a varied property market as it contains seven of the top ten places to sell and also the ten worst areas to sell! Obviously, this is linked to the price tag on properties! The best areas have properties under £500,000 and at the other end of the scale, the worst areas to sell, all have properties with price tags in excess of £1 million. More affordable housing is currently doing far better than luxury properties.
Where Exactly Are the Best Places to Sell Your Property Right Now?
According to the Property Reporter, it is currently easiest to sell a property in the following areas:
|1 - Walthamstow, Greater London||Average of 35 days on the market|
|2 - Ashford, Kent||Average of 36 days on the market|
|3 - Sale, Greater Manchester||Average of 39 days on the market|
|4 - Rainham, Greater London||Average of 42 days on the market|
|5 - Bexley, Greater London||Average of 42 days on the market|
|6 - Brockley, Greater London||Average of 43 days on the market|
|7 - Upper Sydenham, Greater London||Average of 44 days on the market|
|8 - Bristol||Average of 44 days on the market|
|9 - Penge, Greater London||Average of 45 days on the market|
|10 - Forest Hill, Greater London||Average of 45 days on the market|
Certainly the property market is looking very positive despite the pandemic and properties in England and Wales are currently on the market for an average of 45 days less than they would have been in March (2020). Properties in the best areas are currently being sold in 35- 45 days, compared with 45- 65 days in March. Another factor will be that stock levels are slightly lower than they were in autumn 2019.
The top end of the property market is not doing so well for various reasons, including the increase in home working and dropping in commuting and security concerns about jobs. There has also been a marked drop in the demand for flats. There is a greater demand for properties with more private space – both indoors and out – rather than flats and this will be reflected in prices in the forthcoming months.
Looking ahead, it will also be interesting to see how the market fares as first time buyers are impacted by stricter lending criteria. They are the cornerstone of the property market and this could have a negative impact on second and third time buyers. An interesting few months ahead in the property market for house sellers and buyers alike.