A new league table showing how long it takes on average to sell a property in different postcodes across England and Wales suggests that the slowest area for a home to be sold is West London. Properties typically take 108 days to go under offer from the moment they are put on the market.
The fastest areas in comparison are Northampton, Coventry and Manchester where it typically takes 36 days to sell your property.
Across England and Wales the average time for a property to go under offer is 61 days. This data has been put together by the consumer group HomeOwners Alliance (HOA) by monitoring how long thousands of houses and flats were listed on property websites before being marked as “under offer”.
Seven of the top 10 fastest postcodes are located in the Midlands. This may not come as a surprise, as the market in the North West and the Midlands is growing, with many buy-to-let investors continuing to invest in the area due to high capital growth and rental yields.
Read more: The average time to sell a home revealed!
This analysis does provide further evidence of a slowdown in the London property market, with four of the 10 postcode areas with the slowest sales being either in or close to the capital. Three others in this slower group are in the North East in particular Durham, Middlesbrough and Sunderland.
The HOA used a tool called EstateAgent4Me in order to find the data looking at over 100 postcode areas in England and Wales. The postcodes relate to the address of the estate agent advertising the property therefore the data does not include online only estate agents. The data comes from nearly 18,000 search results generated in December 2017.
The 10 fastest ‘under offer’ postcodes were:
- Northampton (average 30.6 days)
- Coventry (31.3)
- Manchester (36.0)
- Swindon (36.4)
- Birmingham (36.7)
- Bristol (37.8)
- Milton Keynes (39.3)
- Wolverhampton (40.6)
- Luton (40.8)
- Stevenage (41.2)
The 10 slowest postcodes were:
- West London (107.9 days)
- Llandudno (99.2)
- North West London (87.4)
- Durham (85.3)
- Twickenham (84.9)
- Blackburn (84.9)
- Middlesbrough (83.7)
- South West London (81.5)
- Blackpool (81.5)
- Sunderland (81.1)
The HOA is only one of many organisations to assess the speed of sales within the UK property market, measured from different parts of the sales process.
The ValPal Network shows that it takes an average of 201 days for a property in the UK to sell after an initial online valuation has been requested.
This is 58 days from the initial online valuation to the day when the agent is instructed according to ValPal’s own data. Following that 62 days on the market, according to Rightmove, then a further 81 days for finance and conveyancing to be handled according to MyHomeMove.
Compared with the national average the five fastest sale postcodes according to The ValPal Network are:
- Landrindod Wells (177)
- Medway, Kent (186)
- Wigan (187)
- Telford (188)
- Taunton (189)
The top five postcodes with the highest average sale values in January 2018, according to ValPal are:
- West Central London (£1.557m)
- East Central London (£1.170m)
- West London (£1.109m)
- North London (£990,681)
- South West London (£911,407)