Wolverhampton, Liverpool and Bradford are the slowest-moving property markets in the UK, according to research 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, while one in 10 properties for sale in Wolverhampton and Bradford have been on […]
Wolverhampton, Liverpool and Bradford are the slowest-moving property markets in the UK, according to research 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, while one in 10 properties for sale in Wolverhampton and Bradford have been on the market for at least a year.
HouseSimple found that that across the UK one in seven properties have been on the market for six months or longer.
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.
People that live in the north are most likely to have problems selling a property, with the highest percentage of properties that have been more than a year on the market. Only one town in the south – Bournemouth – made it into 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.
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.
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.
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.”
The slowest-moving property markets in the UK
| 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 |
The slowest-moving property markets in London boroughs
| 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 |
