Fastest and slowest London property markets
Oct 6, 2024
There are many different reasons why some homes sell at a much quicker pace than others and some aspects are based on amended lifestyles since the pandemic. With homeworking much more of a normality, many people are choosing locations they may not have considered previously.
People are also hunting down desired locations with advantageous transport links to metropolitan areas rather than living directly in those areas, as prices are typically lower which provides further flexibility in their affordability.
● It currently takes 33 days on average in Scotland, compared to 60 days across Great Britain
● In London the average time to find a buyer is 63 days
● London’s quickest markets are further out from the centre, with Walthamstow first (32 days), Stoke Newington second (40 days), and Dagenham third (42 days)
● Meanwhile, central London locations such as Knightsbridge (135 days) and Chelsea (108 days) are taking the longest to find a buyer.
Central London locations such as Knightsbridge, Chelsea and Victoria are the slowest London markets to find a buyer this year, with Knightsbridge slowing by 24 days compared to last year.
Price is likely playing its part, as these areas are all premium locations in London with fewer mass market buyers. Terraced houses are currently finding buyers fastest at 51 days, while detached houses are taking the longest to sell at 73 days.
London Borough of Hounslow has two of the slowest markets in the capital. Heston is 4th from bottom, coming in 4th at 95 days on average to find a buyer. Brentford is 9th slowest market in London, taking an average of 86 days.
Tim Bannister at Rightmove: “In London, commuter areas such as Walthamstow and Dagenham are leading the way in finding buyers the quickest, likely driven by well-connected transport links and more affordable prices compared to central zones. By contrast, more exclusive central locations like Knightsbridge and Chelsea are taking longer to find buyers, as these high-end markets typically move at a different pace.”
Toby Leek at Propertymark: “We expect momentum to progress further with lenders adjusting their range of mortgage offerings and some starting to offer sub-four per cent deal."
