The slowest-moving property markets in the UK are Wolverhampton, Liverpool and Bradford, according to research conducted by online estate agents HouseSimple.com.
More than a quarter of properties in each of these cities have been on the market for longer than six months, and one in 10 properties for sale in Wolverhampton and Bradford have been on the market for at least a year.
HouseSimple.com looked at Rightmove data and the length of time individual properties have been listed on the website, for 50 major UK towns and cities. The figures revealed that 15% of properties in Sunderland have been on the market for a year or more, while in neighbouring Newcastle, 8% of homes have been on the market for more than 12 months.
Also, seven out of 10 towns, with the highest percentage of properties that haven’t sold after more than a year on the market, are in the north of England. With only one town in the south – Bournemouth – in the Top 10 slowest-moving property markets. At the other end of the spectrum, there are no properties currently in Northampton that have been on the market longer than 12 months, and just 4.2% that have been advertised for six months or more.
HouseSimple.com also identified which individual properties had been on the market the longest, with a two-bed flat in Bolton first advertised on Rightmove in December 2008, more than eight years ago.
The following table shows the slowest-moving property markets in the UK, ranked in order of towns/cities with the highest percentage of properties still on the market after a year or more:
|
Town/City |
% of properties on the market 1 year+ |
% of properties on the market 6 months+ |
Oldest property on the market |
|
Sunderland |
14.9% |
17.2% |
22/03/2011 |
|
Wolverhampton |
10.7% |
26.1% |
14/10/2010 |
|
Bradford |
10.2% |
25.1% |
23/10/2009 |
|
Middlesbrough |
9.2% |
23.9% |
28/01/2010 |
|
Liverpool |
8.1% |
25.7% |
20/04/2010 |
|
Bolton |
7.9% |
22.2% |
02/12/2008 |
|
Huddersfield |
7.7% |
20.5% |
23/11/2012 |
|
Newcastle-upon-Tyne |
7.7% |
21.1% |
02/02/2011 |
|
Bournemouth |
7.4% |
17,.4% |
26/12/2015 |
|
Walsall |
7.3% |
18.4% |
14/05/2013 |
In London, 14% of properties have been on the market for six months or longer, with four boroughs; Tower Hamlets (21.5%), City of Westminster (22.6%), Southwark (20.2%) and Newham (20.7%), struggling to shift a fifth of their property stock more than six months after it was initially listed.
The following table shows the slowest-moving property markets in London boroughs, ranked in order of boroughs with the highest percentage of properties still on the market after a year or more:
|
Borough |
% of properties on the market 1 year+ |
% of properties on the market 6 months+ |
Oldest property on the market |
|
Tower Hamlets |
7.3% |
21.5% |
29/03/2014 |
|
City of Westminster |
7.2% |
22.6% |
21/04/2010 |
|
Southwark |
6.2% |
20.2% |
11/01/2014 |
|
Wandsworth |
5.8% |
18.1% |
22/01/2014 |
|
Camden |
5.2% |
18.7% |
30/01/2013 |
|
Lambeth |
5.0% |
16.2% |
07/03/2014 |
|
Kensington and Chelsea |
4.8% |
17.5% |
06/06/2014 |
|
Hammersmith and Fulham |
4.7% |
17.4% |
06/12/2013 |
|
Newham |
3.5% |
20.7% |
16/05/2014 |
|
Barnet |
3.4% |
15.0% |
12/09/2012 |
Alex Gosling, CEO of HouseSimple.com, said: “There could be a number of reasons why properties aren’t selling in these towns. Prices may be too high or being over-valued. It could be the quality of properties coming on the market that are not attracting buyers. Or it could simply be that buyers aren’t committing and even if properties are reasonably priced, they are willing to wait to find the right house at the right price.
“As a seller, if you’re keen to attract buyers then it’s important to price your property fairly. You don’t have to offer it at a discount, but If you price too high for the area your home won’t sell even if it’s an exceptional property. It’s very easy now for potential buyers to check sold prices along streets to see if a property is over-priced. Also, be prepared to negotiate if you want to get a quick sale. For the sake of a few thousands pounds, it might be worth taking a firm offer from a committed buyer.”
Living in Wolverhampton, I can only confirm all that has been said. Extremely frustrating to be stuck in the middle of a stagnant market, with over inflated prices as well as unrealistic and stubborn sellers! One house we put an offer on which was declined, is asking for £55,000 more than the adjoining house next door which had been listed roughly at the same time and subsequently sold. Needless to say, seven months on and it’s still clogging the market up! These sellers simply hop from one agent to the other, thinking the next will be able to wave a magic wand. Problem is, agents often promise the earth, just to get them on the books, making the delusional seller think they are justified in the ridiculous price they are asking. Any house will sell if marketed at the correct price. If it hasn’t sold within a three month period, its over-priced OBVIOUSLY. Maybe it would be an idea if agents have a seller who hasn’t sold within six months and wont reduce their price to simply kick them off their books. Maybe they would get the idea then and stop wasting everybody’s time!