North East of England has UK’s slowest moving property market
The North of England has the slowest moving property market in the UK with three of five regions where homes have been on sale for at least six months in the North East, new research shows.
Sunderland is the slowest moving market with 28.5% of properties currently advertised for sale, first listed at least six months ago, according to research conducted by online estate agents House Simple.
Liverpool comes second with 24.9%, followed by Bradford at 19.8%, Middlesbrough also at 19.8% and Newcastle at 18.6%, in the analysis of property listings in 50 major UK towns and cities.
A further breakdown shows that 14.3% of homes for sale in Sunderland have been on the market for at least 12 months, some four times the UK average and nearly 50 time more than Reading which has the lowest percentage of property on the market for a year. The research also shows that the fastest moving property market is Belfast with 0.9% of properties still for sale after a year and 1.9% after six months, followed by Northampton with 0.5% after 12 months and 3% after six months, then Reading with 0.3% and 3.6% respectively.
In London in March 13.8% of properties across London still remained unsold after six months, but that figure has now dropped to 12% but there are massive differences in the city depending on location.
Currently 22.5% of properties listed for sale in the City of Westminster were first marketed at least six months ago but just 0.6% in the borough of Waltham Forest. Average property prices in the City of Westminster are significantly higher than Waltham Forest, where prices are comparatively affordable when compared to other boroughs in London. Stamp duty changes have also hit the top end of the market, resulting in fewer buyers, the report suggests.