Where are London’s Fastest Selling HomesBy Angelica Malin
The London property market remains as fast-paced as ever, but it is still true that there are certain areas of the capital in which sales can be secured faster than others.
Here is a look at exactly where you can expect to sell your home in less time than you might expect, and why these neighbourhoods are so hot at the moment.
Situated in the northeast of the city, Waltham Forest is easily outpacing many of London’s other suburbs at the moment, with anyone looking for a quick property sale likely to secure it in 35 days. This is far lower than the 65 day average time it takes a house in the capital to go from initially being listed to an offer being accepted.
Price houses in Waltham Forest currently sit somewhere between £400k and £450k, and two bed terraces are the most sought-after property type, with first time buyers no doubt taking advantage of the stamp duty pause on sub-£500k homes in order to get on the ladder in this up and coming area.
Situated close to costlier, gentrified locations yet still offering some affordable property deals, it is easy to see why Waltham Forest has sprinted ahead of its counterparts.
Barking & Dagenham
Couched on the outer edges of London but still close enough to appeal to commuters with jobs in the centre, Barking & Dagenham has risen in popularity as a borough in the past year or so because not only are house prices cheaper, but buyers can get more space for their cash than in other places.
It takes around 39 days for homes to sell here, and once again it is terraced properties that are at the top of the list in terms of pure popularity, although this also has a lot to do with the kind of housing stock that is available.
Prices are very favourable, with homes going for under £350,000. This is still way above the national average, of course, but is also probably one of the reasons that sales are taking place so quickly when London house prices typically sit even higher still.
Heading south of the river for the first time so far, we find the pleasantly positioned area of Bexley, where homes sell in just over 40 days and residents can enjoy all the benefits of being close to the outskirts of the city, such as easy access to open countryside and solid transport links to boot.
There is even a local nature conservation area, along with good schools and plenty of shops, restaurants and pubs. Of course if you already live in Bexley but are looking to move out, you know all this and will be pleased to hear that prospective buyers are eager to move to this area.
Further evidence that the northeast of London is really on fire in terms of property sales at the moment comes in the form of the rise and rise of Redbridge. House sales are secured in 48 days on average, and since the borough is also surprisingly large, it offers a lot of different options, whether you are looking for the ultimate in urban living or a more subdued suburban existence.
It will be interesting to see how London’s property market evolves in the coming months and years, as the ongoing disruption caused by the pandemic is definitely causing people to rethink their priorities, and previously unpopular or overlooked areas are getting a new lease of life because of this, as are other parts of the UK as a whole.