The average time it takes to sell a property has decreased in the last year – from 87 to 79 days. This demonstrates the increased buoyancy of the market, as more buyers, particularly investors, scour the property pages and estate agent windows for property investment opportunities.
However, as you might imagine, some UK locations are more popular than others. Here’s a quick run-through of the country’s property hot-spots, and where to search for your next property investment in the UK.
Most Popular Place to Buy in Britain?
According to recent data released by Rightmove, Dartford-based properties sell faster than any other location in the country. The average property sells within 16 days – considerably less than the 49 days it took the previous year.
What’s causing this sudden leap in popularity? It’s certainly not to do with reduced prices – in fact, Dartford property asking prices have increased by 17% in the last year. However, as central London prices continue to rise, more investors are seeking properties within commuting distance of the capital.
Trains run regularly from Dartford to London St Pancras, Charring Cross and Cannon Street – and take approximately 40-50 minutes; plus average asking properties tend to be below £300,000 – making it easy to see why the area is so popular.
Other Property Investment Hotspots
Other places that are enjoying a surge of popularity are Grays and Benfleet in Essex – which are also both within easy commuting distance of London. Crawley in West Sussex and Leigh-in-Sea in Essex are also high on the list, with properties taking only 30 days on average to sell.
Outside the London commuter belt, the quickest selling location is Bristol; which is attracting increasing numbers of people looking to move from the South East. It’s also a popular location for those looking for buy-to-let property for sale – thanks to the large numbers of young professionals and students living in the area.
Slowest Selling Locations?
Darlington in County Durham is officially the slowest place to sell a property – with the average home taking 132 days to sell. Close behind is St Helens in Merseyside (128 days) then Wakefield in East Yorkshire.
Miles Shipside, director and housing analyst for Rightmove, emphasises that “in slower market areas it’s even more important for sellers to work with their local agent and agree a realistic asking price, so they have more chance of securing a buyer to speed up their own move to their next home.”
Identifying Property Investment Opportunities
If you’re looking to invest in property and want professional advice, talk to The Buy2Let Shop. We’re professional property investment agents in London, and can offer considerable insight into the UK property market. If you’re looking for investment properties in London or anywhere else in the country, we can help!
We also offer assistance with buying a house at auction, and regularly host property seminars in London to bring your market knowledge up-to-date. To find out more, please visit The Buy2Let Shop website today.