There has been a notable rise in the number of buy-to-let landlords offloading properties in recent month due to buy-to-let tax changes and legislative changes, according to ARLA Propertymark, but how long would it take to sell a property in today’s market?
Fresh research from sellhousefast.uk has looked at how long it would take to sell property in 10 locations suggested by LendInvest, which ranks 105 postcode areas around England and Wales, as buy-to-let hotspots, with popular areas including Stockport, Coventry, Wolverhampton, Birmingham, Peterborough, Colchester, Manchester, Canterbury, Luton and Enfield.
sellhousefast.uk entered each location into the ‘Property Sell-by Dates’ tool created by Thomas Sanderson and analysed the figures presented, which included data from every available postcode in the area. The fastest-selling postcode in each location was then identified, with the research revealing that property in Stockport sells the quickest – taking on average 104 days to sell.
The fastest-selling postcode in Stockport is SK4, which includes locations like Four Heatons and Reddish.
Properties in SK4 are expected to stay on the market for up to 60 days and are worth an average of £280,768.
Coventry ranked second overall, with properties here taking an average of 124 days to sell.
The fastest-selling postcode in Coventry is CV6, where property sells within 76 days and typically costs £158,742.
The third location with the fastest-selling property market is Wolverhampton, where it takes an average of 138 days to sell with the fastest-selling postcode proving to be WV8, where the average sale takes up to 92 days.
WV8 is home to areas like Rakegate and Bilbrook, which sits close to the border of the West Midlands, just outside of Wolverhampton. The average cost of property in this postcode is £225,537.
Comparably, further south, Canterbury lands in 8th place. On average, properties in Canterbury take 229 days to sell. The fastest-selling postcode in this area is CT2, which covers places like Harbledown, immediately west of Canterbury.The average property in CT2 spends 190 days on the market and is generally pricedat £290,762.
Next, in the East of England, is Luton where properties can be on the market for an average of 270 days before sold. Though the fastest-selling postcode in Luton happens to be LU3, where property sells within 190 days and typically costs £252,890.
Lastly, the location rounding off the top 10 buy-to-let hotspots is Enfield. Situated in north London, property in Enfield stays on the market for approximately 278 days – the longest timeframe of all 10 locations. However, the fastest-selling postcode in Enfield is EN1, with a sale wait of 254 days. Home to areas like Bush Hill Park, the average property price in EN1 is £408,040.
Robby Du Toit, managing director of sellhousefast.uk, said: “From our research, it’s plain to see sales in the north and central England, in particular, are very promising. Locations like Stockport, Coventry and Wolverhampton have the benefit of lower property prices (in comparison with the south) and fast-paced, growing markets; something investors should take advantage of; should they be able to!
"However, it is also promising to note that no matter where you want to invest there is a location available where property sells quicker than most. It is so important therefore to make sure you do your research before you take on an investment property. Shop around, ask questions, compare prices – don’t just choose the most amenable, obvious property. When it comes to selling, this is not always what makes a success.”