According to Homesearch, a property data and agent prospecting platform, London currently has the most challenging market conditions for estate agents. This is mainly down to a shortage of new homes within the capital.
Over the last 12 months, property data has been analysed to find out which postcode areas move the fastest and slowest, where prices have risen the most and which are the most and least rewarding for agents.
It was found that in west central London, it takes 100 days on average to sell subject to contract (SSTC) from the date they go onto the open market.
This contrasts with Nottingham where the average time it takes to get to SSTC is 41 days. Closely followed is Sheffield where it takes an average of 42 days.
As mentioned previously, the reason behind this study was to identify what postcodes are the most and least lucrative to estate agents. On the other hand, its important to point out the differences within the results.
Despite the London south-westerly postcode being the third slowest postcode area to sell in the UK, this area is in fact the biggest selling. There are over £8.9bn property sales generated within the last 12 months in south-west London.
The least beneficial postcodes for agents can be found in West Central London (WC postcode). This is the slowest area to sell, with £125m of residential property sold in the last 12 months.
In relation to the increase and decrease in average house prices, you’ll see that the largest increases and decreases is within London. London’s NW (north west) postcode sees the highest year-on-year increase of 10.3%, which is £93,205. The WC postcode has the largest decrease in values. These postcodes saw an 18% (£241,828) drop in values year-on-year.
Outside of London, the area with the biggest fall in property prices was seen in Durham which has only experienced a 2.5% (£3961) increase.
Sam Hunter, co-founder and chief operating officer at Homesearch, commented: “It’s a difficult market out there for estate agents, with a shortage of housing stock for sale making winning new instructions extremely competitive. We therefore wanted to analyse our data to see which postcodes and other key factors are presenting both the toughest challenges to agents and the best market opportunities to thrive.
“It is very clear from our findings that London is a real postcode lottery for agents with some locations experiencing sharp increases in average house prices and other areas taking some of the longest periods of time to sell.”