Revealed: the slowest-moving property markets in the UK
The online estate agent found that more than a quarter of properties in each of these cities have been on the market for longer than six months, and one in 10 properties for sale in Wolverhampton and Bradford have been on the market for at least a year.
The research also revealed that 15% of properties in Sunderland have been on the market for a year or more, while in Newcastle, 8% of homes have been on the market for more than 12 months.
Seven out of 10 towns with the highest percentage of properties that haven’t sold after a year are in the north of England. Bournemouth is the only southern town in the top 10 slowest-moving property markets.
At the other end of the spectrum, there are no properties currently in Northampton that have been on the market longer than 12 months, and just 4.2% that have been advertised for six months or more, making it the fastest-moving property market in the UK.
In London, 14% of properties have been on the market for six months or longer, with four boroughs; Tower Hamlets (21.5%), City of Westminster (22.6%), Southwark (20.2%) and Newham (20.7%), struggling to shift a fifth of their property stock more than six months after it was initially listed.
Alex Gosling, CEO of HouseSimple.com said: “There could be a number of reasons why properties aren’t selling in these towns. Prices may be too high or being over-valued. It could be the quality of properties coming on the market that are not attracting buyers. Or it could simply be that buyers aren’t committing and even if properties are reasonably priced, they are willing to wait to find the right house at the right price.
“As a seller, if you’re keen to attract buyers then it’s important to price your property fairly. You don’t have to offer it at a discount, but If you price too high for the area your home won’t sell even if it’s an exceptional property. Also, be prepared to negotiate if you want to get a quick sale. For the sake of a few thousands pounds, it might be worth taking a firm offer from a committed buyer.”