Anyone living or looking to live in London knows what’s going on in the property market right now — prices and demand are sky high but there’s a shortage in supply.
Despite this, London is the hardest place in Britain to sell a house, according to new research based on data from around 8,500 house sales.
This is because prices are so high now, the pool of people that are able to buy a home is dwindling.
The research, from online estate agent House Network, shows that based on the number of viewings a property has before it is sold, London postcodes are some of the slowest in the country to sell.
Of the top ten areas where selling a property takes the longest, seven could be considered to be within London. Ilford, Wembley, and the West of London (W postcodes) are the most difficult areas in the whole country to get rid of a house. Sales in these areas take an average of 23, 22, and 20 viewings each.
The other London areas represented on list are North London (N postcodes), Twickenham, Croydon and Sutton. In all these areas homes take an average of more than 15 viewings to sell.
House Network’s data supports the theory that people in the capital are now struggling to afford to buy housing more than ever. London homes are worth well above £500,000 ($US756,435) on average, and while the number of normal homes selling is on the rise, fewer properties worth £1 million ($US1.52 million) or more are selling in the capital.
While London properties are some of the slowest to sell, at the other end of the spectrum, it is houses in the north and Scotland that, on average, sell quickest. Carlisle in the northwest takes the prize as Britain’s easiest city to sell a house. The average house in the city sells after just six viewings.
Other cities where selling houses is extremely simple are largely concentrated in the north, although the southwest and Wales are also hotspots for selling quickly. Houses in Perth, Glasgow, Middlesborough, Torquay, and Wrexham all take an average of just seven viewings before a house is sold.
House Network’s CEO Mark Readings was keen to point out that, overall, selling homes in Britain right now isn’t exactly a huge challenge, thanks to a buoyant market.
“What’s clear from our research is just how relatively simple it is to sell your house, even in London where vendors have to work that bit harder to take those ‘For Sale’ signs down. When you place this into the context that selling a house is almost certainly the biggest sale we make in our lives, 15 viewings is no time at all.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.