The speed of sale of real estate in England

Where and how fast the market is moving in UK property? A new study conducted by real estate company Quick Move Now has shown that there is a significant difference in the time of sale in different cities of the United Kingdom.

For the longest time the property is sold in Rotherham – 279 days, and faster all – in Rainham – 87 days. The slowest market moves in London and the North East of England.

Knightsbridge and Sunderland – the slowest markets where the average sale time is 277 days, followed by Mayfair with the time of sale – 272 days, and then North Shields and Marylebone – 268 days, then – Soho – 266 days, Charing Cross 265 days, South Shields – 264 day and Strand – 262 day.

Among the fastest growing real estate markets – Rainham 87 days, followed by Bristol, where speed of sale – 88 days, then Stroud – c 89 days, followed –Swindon – 90 days on the market, and then -Northampton c 93 days , Waterlooville, Coventry and Basingstoke with 94 days.

As can be seen from these figures, the market of real estate of Englandis moving everywhere in different ways. If we take into account the time of the transaction, in the regions with the slowest market the whole process can take more than a year. Moreover, it is estimated that every fifth transaction fails, that is unfortunate, but homeowners generally seek again to repeat it.

However, those homeowners which the transaction took place within the first 12 days, most likely, received its full asking price.

Top areas continue to be recognized as the County of Kent, and the towns located along the M4 highway , which connects London to Wales – for example, cities such as Bristol and Swindon ( Bristol and Swindon) .

Interesting details of the study – after 4 weeks of being on the market price of the property reduced by an average of 2% becomes 98% of the original price, after 8 weeks from the initial price remains at 96%, and three months later – 94%. In numerical terms, if the object is on the market more than three month, the seller of real estatein England, on average, can expect to receive £13603 pound below the asking price, and the seller of real estate in London will receive about £30000 less after three months of waiting on the market.

® Helen Entree. 19.07.2018 G.