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New research by Quickmovenow.com and Home.co.uk has shown where the best and worst places are to sell a property are in England and Wales. The research looked at how long properties are on the market for in several areas across the country. On average, properties in England and Wales are on the market for 113 days.
While many may expect some of the least desirable locations in the UK to be the worst for sellers, this is not always the case.
In fact, the data named London has the worst place to sell a home in England and Wales.
London is home to all ten areas with the longest time on the property market.
Mayfair topped the list with the average house being on the market for almost a year – 272 days.
The pricey London location was closely followed by Soho, Marylebone, Knightsbridge and Charing Cross.
All locations have an average asking price above £1million.
Meanwhile, on the other end of the spectrum, Rochester is the best place to sell a property with homes being on the market for an average of 52 days.
The historic city located in Kent has an average asking price of £260,000.
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Rochester was followed by Bedford, Swindon, Gloucester and Derby, with all four locations seeing houses sit on the market for less than 60 days on average.
Hastings, Bristol, Hartlepool, Bolton and Northampton were also named some of the top spots for sellers.
Danny Luke, Quick Move Now’s managing director said London’s prime property market has struggled throughout the last year.
He explained that with more people home working, buyers are looking to get more space for their budget which has led to a exodus out of the capital.
Unfortunately, this, along with a lack of international visitors, has had a massive impact on prime London residential property.
He added: “Homeowners looking to sell are faced with a challenging market.”
However, the property expert said the stamp duty holiday has had a positive impact on the property market elsewhere.
He continued: “Typical time on market for the whole of England and Wales is currently 113 days – just two days more than in March 2020, which is impressive considering what the economy and the property market have been through over the last 12 months.
“This time last year we were expecting Covid-19 to have a devastating impact on the UK property market, but thankfully that doesn’t seem to have materialised.
“I am hopeful that the government’s new range of 95 percent mortgages will continue to bolster the market beyond the end of the extended stamp duty holiday, and we continue to see a strong, healthy property market in the coming months.”
Meanwhile, further research by BuildScan has found that Oxfordshire is the nation’s new build homebuyer hotspot.
The picturesque county saw 945 new homes sold in 2020 which is 13.5 percent of the 6,991 homes sold overall.
Other new home hotspots include Bedfordshire, Warwickshire and East Riding of Yorkshire.
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