Reading has been named as one of the best places to sell property in the United Kingdom.
New figures released by Quick Move Now and Home.co.uk have revealed the best and worst places to sell a property in the UK, based on how long properties sit on the market.
Reading features in the list of best places to sell, with properties in the town typically sitting on the market for 66 days.
Glasgow tops the list of best places to sell, with typical time on market of 36 days. At the other end of the market, many areas of London continue to struggle.
Danny Luke, Quick Move Now’s managing director, said: “The figures, predictably, show a general slowing of the property market. In September 2022, Reading had a typical time on market of 54 days. Now, properties in the town typically sit on the market for 66 days.
“This is a trend that is repeated throughout the UK.
“In March 2023, the best place to sell a property – Falkirk – had a typical time on market of 11 days. Now, Glasgow tops the list with a typical time on market of 36 days.
“At the slower end of the market, Belgravia and Chelsea have also seen significantly higher time on market since they appeared on the list six months ago. Belgravia has gone from 132 days up to 159 days and Chelsea has risen from 132 days to 151 days.
“What’s really important to keep in mind is that, despite typical time on market being notably longer than it was six months ago, it is still significantly quicker than pre-pandemic levels for both the best and worst places to sell.
“In March 2020, before the first Covid lockdown, the best place to sell a property had a typical time on market of 46 days, whilst the worst place to sell had a typical time on market of 249 days.
“They are now 10 days quicker and 39 days quicker respectively.
“The post-pandemic, over-heated market was something of an anomaly, both in terms of speed of agreeing a sale and price growth.
“What we’re seeing now is much more a return to ‘normal’. Market conditions in 2021 and early 2022 were never going to be sustainable long-term.
“Rising mortgage interest rates and inflation have inevitably had an impact on the volume of sales and on buyer’s budgets, but with the Bank of England suggesting that interest rates are coming towards their peak, we’re expecting to see the market level out in 2024.
“For those who need a quick sale in the coming months, it’s important to familiarise yourself with activity in your local property market. Be realistic about what’s achievable and price your property attractively.
“It’s also important to remember that these figures relate to how long it takes for homeowners to accept an offer.
“New figures suggest that it currently takes an average of five months for a successful sale in England or Wales to go from offer acceptance to completion, so selling a property is not a quick process.
“It’s also very unpredictable, with around one-in-four property sales falling through before completion. For this reason, chain-break services and quicker alternatives such as property auctions and quick sale companies are likely to become more popular with those who are working to tight timescales.”
