With so much focus on the housing market right now, thanks to the stamp duty holiday, it is no surprise there is so much activity in London. While some observers predict homeowners will flee the capital in high numbers, this is nowhere near the full story.
Yes, the lockdown and the increased presence of remote working means some people will look to leave big cities and live in a more rural setting. There will be people looking to leave now, and soon.
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However, with the stamp duty holiday in place, the savings on offer when buying London property are substantial. Therefore, there is a great deal of demand for homes in and around the capital, and this can be seen in how fast property is moving.
If you are looking to sell your Stanmore home, we can help. At Stones Residential, we are local property market specialists, and we offer a range of services which ensure you connect with likely buyers.
To arrange a property valuation, please get in touch with us today. If you are looking to sell your home, get ready to move, because London homes are selling quickly right now.
The best places currently to sell a property:
1: Walthamstow, Greater London - average of 35 days on the market
2: Ashford, Kent - average of 36 days on the market
3: Sale, Greater Manchester - average of 39 days on the market
4: Rainham, Greater London - average of 42 days on the market
5: Bexley, Greater London - average of 42 days on the market
6: Brockley, Greater London - average of 43 days on the market
7: Upper Sydenham, Greater London - average of 44 days on the market
8: Bristol - average of 44 days on the market
9: Penge, Greater London - average of 45 days on the market
10: Forest Hill, Greater London - average of 45 days on the market
London homes are in high demand
The typical time on market for the whole of England and Wales is currently 70 days. As you can see, of the top ten places where property is selling quickly, seven places are taken up by areas of London.
Danny Luke, Quick Move Now’s managing director, commented: “Despite grave concern about how the property market would fair during the COVID pandemic, there are some very positive signs. Overall, a property in England or Wales typically now sits on the market for 41 days less than it did in March of this year. Properties in the best areas to sell are removed from the market in an average of 35 to 45 days. Back in March of this year, properties in the best areas to sell typically stayed on the market for 46 to 65 days. It is important to note, however, that stock levels are significantly lower than they were this time last year.”
Danny continued by saying; “At the other end of the spectrum, we can see that the prime residential market is not doing quite so well. Increased home-working, less secure employment and a drop in demand for flats could all be contributing to the typical time on market for the ten worst areas to sell a property. Looking ahead, I would expect to see a price correction across prime residential property in the coming months, certainly in London and specifically on flats. With fewer commuting restraints and an increased desire for outdoor space, London’s current oversupply of flats will undoubtedly have an impact on price.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
