Nine out of the ten slowest markets to find a buyer are coastal towns, as revealed by research conducted by experts at property portal Rightmove. The challenge of selling a house in pretty seaside towns has been highlighted, with locations like Abergele and Skegness taking around 100 days to secure a buyer. The study showcased hot and cold spots in the housing market, shedding light on the longest and shortest periods it takes for sellers to find buyers.
Coastal towns are proving to be particularly challenging for sellers, with nine out of the ten slowest markets falling in these areas. Factors such as the increasing cost of buying a second home in seaside towns, coupled with local authorities’ ability to double Council Tax, may contribute to the difficulty in finding buyers. The average time to secure a buyer was 118 days in Brixham, Devon, with an average property price of £338,011. Following closely behind was Skegness at 115 days, and other locations such as Abergele, Minehead, Cleethorpes, Canford Cliffs, Dorset, Hayling Island, and Barton-on-Sea also featured on the list.
Contrastingly, the study found that sellers in Scotland have a much easier time finalising sales, with the top ten quickest locations in Great Britain to secure a buyer all situated in Scotland. The report from Rightmove highlighted that these current hotspots are selling faster than they did a year ago. Carluke in Lanarkshire emerged as the fastest-selling market in Great Britain this year, with sellers finding buyers in just 15 days on average. Giffnock in Glasgow followed closely behind, with homes selling in 16 days, while Uddingston in Glasgow took an average of 17 days to secure a buyer.
Across Great Britain, it currently takes an average of 60 days to find a buyer, according to Rightmove data. London, on the other hand, showed that locations further from the city centre like Walthamstow, Stoke Newington, and Dagenham are experiencing quicker sales. This is in contrast to central London areas such as Knightsbridge, Chelsea, and Victoria, which are slower in securing buyers due to their premium pricing and limited pool of mass market buyers.
Tim Bannister, a property expert at Rightmove, commented on the findings, noting the speed of the market in Scotland and commuter towns around Glasgow. The President of NAEA Propertymark, Toby Leek, also weighed in, attributing the varying pace of house sales to lifestyle changes post-pandemic. The buoyancy of the housing market in the face of economic challenges has been underscored, with expectations of further momentum as lenders adjust mortgage offerings and introduce competitive deals.
In conclusion, the housing market dynamics vary across different regions, with seaside towns presenting unique challenges for sellers while Scotland boasts faster-selling markets. With evolving buyer preferences and market conditions, the housing landscape continues to evolve, offering both challenges and opportunities for buyers and sellers alike.