Homes in Havering now sell in an average of 44 days, with neighbouring areas also showing impressive demand.
The pace at which properties are snapped up in London's outer boroughs is revealing the changing dynamics of the capital's real estate market. Havering, home to Romford and Upminster, now tops the list with an impressive 44 days for properties to go under offer. This marks the quickest selling rate in the city, with Havering’s popularity driven in part by its connectivity through the new Elizabeth Line, enhancing its appeal to buyers.
Following closely behind is Bexley, where homes are typically under offer within 47 days. This area, located south of the River Thames, is benefiting from its position within the Thames Gateway, an area marked for urban regeneration. Waltham Forest, encompassing areas like Walthamstow and Leyton, completes the top three with an average of 49 days, also attracting attention due to its proximity to Essex.
These faster-moving boroughs stand in contrast to inner London, where the pace of sales is slower. Notably, properties in Westminster take an average of 79 days to secure a deal, nearly double that of Havering. Neighbouring Lambeth and Hammersmith & Fulham also experience prolonged sale times of 74 and 71 days, respectively.
In terms of rentals, Bexley once again excels, with homes being let within 20 days. The borough of Merton, which encompasses Wimbledon and Colliers Wood, ranks second for rental speed, with homes being rented out within 22 days. The rental market across London varies significantly, with prime areas like Kensington and Chelsea seeing slower transaction times, taking around 37 days for tenancies to be agreed.
Nationally, property sales in cities like Newcastle-Upon-Tyne, Bristol, and Plymouth are also quick, with average sales periods ranging from 40 to 43 days. However, areas like Blackpool and Liverpool are experiencing slower sales and rentals, with properties there taking up to 74 and 40 days, respectively.
The difference in market speeds reflects varying levels of demand and supply across regions. While outer London areas like Havering and Bexley are in high demand due to affordability and connectivity, central London properties still face slower sales and rental times, impacted by higher pricing.
Hello world!
Pic of the week: Sunset at margate beach
The first day’s journey was through the pink fields
The first day’s journey was through the pink fields
The first day’s journey was through the pink fields