Phil Spencer lists the worst things to do when buying a property
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The property market has been extremely flamboyant for the last couple of years, with demand for property so high, outstripping supply. However, many estate agents have started to report a slowing of the market. The experts at Quick Move Now said the typical time on market for unsold properties has risen from 59 days to 65 days in the last month.
They added: “Regionally, we can see an imbalance in the market. Time on market is remaining largely stable in some areas, whilst in others it is increasing rather rapidly. Bristol and Plymouth both top the list of the best places to sell, with typical time on market of 40 days.
“Whilst time on market in Plymouth has remained stable over the last four months, time on market in Bristol has increased by 14 days. That’s an increase of 54 percent.
“The same can be seen in the areas listed as the worst places to sell. Marylebone and Mayfair have both seen a nine percent rise in time on market over the last four months, whereas time on market in Soho, Charing Cross, Knightsbridge and Bloomsbury has fallen over the same period.”
The experts have shared the 10 worst places to sell a property, which were mostly found to be in London.
In Mayfair, the average time a home is on the market for was a whopping 202 days. This may have some correlation to the average house price in the area which was a huge £5,933,417 over the last year, according to Rightmove.
Mayfair is one of London’s most expensive areas, home to lots of different celebrities.
Homes in Marylebone also took an average of 202 days to sell, while Soho home’s were typically on the market for 196 days.
The average house price over the last year in Soho was £1,199,125, according to Rightmove.
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Regents park was next on the list, followed by Charing Cross with an average of 179 days.
The experts found properties in Stretford also took 179 days to sell, followed by Knightsbridge, Salford, Bloomsbury and Paddington.
On the other hand, Bristol homes are currently on the market for 40 days, same as Plymouth.
Bristol is becoming increasingly attractive to many buyers, offering a mix of city and country living.
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Properties in the city are also quite affordable, with the average price of a home costing £367,995 over the last year, according to Rightmove.
Properties in Derby are typically on the market for 43 days, while those in York are on the market for 44 days.
The expert found homes in Northampton are snapped up after 46 days, as are those in Stockport, Stoke-On-Trent, Portslade By Sea and Maidstone.
With a current average time on the market of 47 days, Swindon came in as the 10th best place to sell a home.
Quick Move Now’s managing director, Danny Luke, said: “There is lots of talk at the moment of the impact of rising interest rates and inflation on the UK property market.
“Whilst the typical time on market for the whole of England and Wales shows a slowing market, it’s clear that there are areas where demand is still outstripping supply and the market remains hot.
“The key for those hoping to buy or sell in the near future is to research your local property market. If properties are taking a little longer to sell than they were, sellers are going to have to price their properties more competitively and buyers will have more room to negotiate on price.
“If properties are selling more quickly in your local area, there is likely to be more competition and therefore offers should be attractive to secure the property.
“Generally, I would expect the market to continue to slow over the next few months. Mortgage repayments are becoming more expensive and affordability for mortgage approval is being impacted by the increase in the cost of living.
“Whilst I’m not sure we’ll see the significant price drops predicted by HSBC, I think we can expect to see a decline in the market.”
Danny said he has heard of first-time buyers delaying their plans to buy by up to a year, which will also have an impact on demand, and rising interest rates likely to affect how many second steppers are looking to move.
He added: “The lower level of demand will give the property market a chance to stabilise and rebalance.
“Of course, without the supply and demand imbalance we’ve seen over the last few years, we’re unlikely to see significant price growth, but whether we’ll see a price correction or just a slowing of growth will very much depend on supply and demand on a local level.”
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