In some areas in London, it will take sellers an average of 241 days to sell their homes, as real estate expert Nick Millican comments. As a matter of fact, out of 20 locations that were found to be the slowest sellers, 18 of them were located in London with Soho being the toughest.
Although the news appears to be pretty bleak, Nick Millican found that three London boroughs were selling on the best-performing list. If you live in Balham and you want to sell your home fast, you are in luck. On average, houses sell in 56 days in Balham.
Just last year, residents needed to wait 93 days to sell their homes. That’s when they are allowed to add their property to home listings. Nick Millican also found that the second fastest-selling location is Furzedown. The average time it takes to sell in Furzedown is 57 days, but last year, it took residents 100 days to sell their homes.
The real estate expert later on explains that this may be the case because housing prices are on the higher side. The last London borough to appear on the best-selling list was Bexley where it takes an average of 62 days to sell a home. According to Nick Millican, London is a city that has two different types of properties.
Houses that have desirable asking prices are currently in demand, but houses with very high asking prices remain on the market for the longest time while the sellers lower their prices in the hopes that these properties will sell. Nick Millican finally states how the best-selling locations have lower asking prices than last year, but those with the highest prices continue to be hard to sell.