Bristol and Plymouth have been named the best places to sell a property in England and Wales, with typical time on market of just 40 days.
The two cities top a list of places where unsold properties sit on the market for the fewest days. The list creators, Quick Move Now and Home.co.uk, also published a list of the worst places to sell.
10 best places to sell a property
Location & Current typical time on market
Bristol 40 days
Plymouth 40 days
Derby 43 days
York 44 days
Northampton 46 days
Stockport 46 days
Stoke On Trent 46 days
Portslade By Sea 46 days
Maidstone 46 days
Swindon 47 days
10 worst places to sell a property
Location & Typical time on market
Mayfair 202 days
Marylebone 202 days
Soho 196 days
Regents Park 180 days
Charing Cross 179 days
Stretford 179 days
Knightsbridge 177 days
Salford 173 days
Bloomsbury 159 days
Paddington 157 days
London dominates the list of areas with longest typical time on market, with 8 of the 10 places featured being areas of London. The two exceptions are Stretford and Salford, both in Greater Manchester.
Danny Luke, Quick Move Now’s managing director, said: “Nationally, typical time on market has risen from 59 days to 65 days in the last month. This figure is likely to have been impacted by rising interest rates and inflation, which are creating more caution in the market and impacting buyer affordability.
“If you’re considering moving house in the next few months, these typical time on market figures illustrate the need to familiarise yourself with your local property market. In some areas we are seeing significant price reductions and homes are sitting on the market longer, but in others a shortage of properties is keeping prices and competition for homes high. You need to know what sort of market you’re dealing with to know how to market your property effectively. If properties are taking longer to sell, you need to price your property competitively. If properties are selling more quickly, you’ll need to be in a strong position and make an attractive offer in order to secure your next home. In a slowing market you’ll be more likely to find patient sellers, in a heated market you’ll be more likely to need a quick property sale to minimise the risk of losing out to another buyer.
“Despite some areas remaining strong, we are expecting to see a general slowdown in the property market over the next 6 to 12 months. Mortgage affordability is already being impacted by the cost-of-living crisis and rising interest rates, and a recent study of first-time buyers reports that most are planning to delay purchasing their first home by at least a year. This will have a knock-on effect all the way up the property ladder. Without the same level of demand we’ve seen over the last couple of years, we’re unlikely to see any meaningful growth in property prices and should, I believe, expect to see price corrections in many areas.”
