The property market remains resilient in 2022, despite the current cost of living crisis and rising home, energy and fuel prices. However, in several cities in the UK, homes are proving slow to be snapped up, and this can be frustrating for the sellers.
Which cities are experiencing slow-to-sell homes?
According to a survey carried out by storage experts Pink Storage, Newcastle, London and Liverpool are the cities in the UK where the property market remains stubborn. According to the statistics, homeowners in Newcastle had to wait for an average of 283 days to sell their properties. Owners in London and Liverpool fared worse, with properties sitting on the market for an average of 429 and 475 days respectively.
Almost a quarter (24 per cent) of England’s slow-to-sell properties are situated in the south-east. In the West Midlands slow-selling properties made up six per cent of the total. The east of England accounted for 11 per cent of slow sellers while the north-west accounted for 862 properties. Liverpool had 164 homes still on the market while the south-west made up seven per cent, with only 58 properties situated in Bristol.
Why are properties slow to sell?
There are a number of reasons as to why homes are slow to sell. They can remain on the market for months, but wise sellers who know what buyers are looking for can reduce the time it takes for their homes to sell. Properties that are overpriced can clog the market and remain stagnant, as well as houses that are poorly presented or require renovations.
Location and indeed kerb appeal are important when it comes to selling. Towns and cities with good amenities and transport links will also attract buyers within different demographics. The experts at Pink Storage analysed 405 UK postcodes featured on property site Rightmove in 23 of the UK’s cities by population size to determine the best-selling areas.
Which is the most favourable city in which to sell a property?
According to the figures, Bristol came out on top as the most favourable place in the UK to sell properties quickly. Homes sit on the market for an average of 105 days which equates to just over three months. Second on the list is Leeds, with properties selling around 110 days after being listed. Homeowners on the move can choose the best conveyancing solicitors in Birmingham using a concierge service such as Sam Conveyancing.
Will a recession affect prices?
The Bank of England meanwhile is expecting a recession towards the end of 2022, given the cost of living. According to the BBC little can be done to stop a recession. Despite that, properties are still selling, and higher growth and more sales are anticipated. Figures show that homes are rising in double digits in areas of England and Wales. Less affordable places such as London, are experiencing lower rises in property price growth. London is home to the UK’s most unaffordable properties so many couples and families are now opting for commuter towns.
Commuter towns on the move
With some commuter town prices having slowed in recent months, Dartford has remained one of the fastest selling areas within easy reach of London. The average property price in Dartford is £344,500, but figures show that homes within the £250,000 to £300,000 price bracket are quick to sell. The trend suggests that first-time buyers are behind this demand in Dartford, as they buy starter terraced homes that are less expensive and, most importantly, within easy reach of London.