BREAKING PROPERTY NEWS – 21/09/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.

 

10 Best and Worst Places to Sell a Property

PRESS RELEASE: New time on market figures released by Quick Move Now and Home.co.uk have revealed the best and worst places to sell a property in England and Wales.

There is currently a lot of talk about the impact rising inflation and interest rates will have on the UK property prices, and many estate agents are starting to report a slowing of the market. This is supported by time on market figures that show the typical time on market for unsold properties has risen from 59 days to 65 days in the last month.

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.

Bristol sits in joint top with Plymouth as two of the best places to sell a property

10 best places to sell a property

Location Current typical time on market
Bristol 40 days
Plymouth 40 days
Derby 43 days
York 44 days
Northampton 46 days
Stockport 46 days
Stoke On Trent 46 days
Portslade By Sea 46 days
Maidstone 46 days
Swindon 47 days

10 worst places to sell a property

Location Typical time on market
Mayfair 202 days
Marylebone 202 days
Soho 196 days
Regents Park 180 days
Charing Cross 179 days
Stretford 179 days
Knightsbridge 177 days
Salford 173 days
Bloomsbury 159 days
Paddington 157 days
Areas of the capital city London feature heavily among the worst places to sell a property

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.

“We’ve heard tales of first-time buyers delaying their plans to buy by at least a year, which will have an impact on demand, and rising interest rates are likely to affect how many second steppers are looking to move. 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.”

Landbay cuts rates on BTL properties

Landbay has announced that it has slashed two-year fixed buy to let property rates for HMOs, multi-unit freehold blocks and standard properties, as follows:

Small HMO, 2 year 75% LTV fixed reduced from 5.19% to 4.89%

Standard property: 2 year, 75% LTV fixed reduced from 4.99% to 4.89%

Standard property, 2 year 80% LTV fixed reduced from 5.29% to 5.09%

Small multi-unit freehold blocks, 2 year 75% LTV fixed reduced from 5.19% to 4.89%

Paul Brett, managing director of intermediaries at Landbay, said: “Our wide and diverse range of funding enables us to reduce our rates for borrowers when most rates from other lenders continue to rise.

“With the Bank of England widely expected to raise base rate again later this week, we recognise that this is a really important time for landlords and property investors to lock into a lower-cost fixed-rate deal.

“This rate reduction on our two-year fixed-rate range will enable investors to remove some of the volatility from their costs, providing an element of certainty at this crucial and uncertain time.”

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

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