About 90% of home sellers in London don’t receive an acceptable offer on their home in the first 30 days of listing it, a new research paper by an estate agent has revealed.
Those trying to sell in East London have a 14% chance of receiving a good offer compared to only 8% of West London’s property seller, the study by Nested found.
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For the UK as a whole, 15% of properties put up for sales over the last 30 days have received an offer, compared to only 10% in the capital.
For the high-end sector, numbers change a fair bit. Out of all UK properties valued £2m and above and listed for sale, only 4% have received and accepted an offer in the last 30 days, The number fall even lower, to 3%, when only looking at the capital.
Matt Robinson, CEO of Nested, said:
“Uncertainty surrounding Brexit and the General Election has truly taken hold and the stark reality is that in the current market, just one in 10 people in London are able to sell their home in the first 30 days.”
“For many sellers this is surprising as they can easily recall the strong property market of just 24 months ago and are left wondering how things have changed so quickly. Many are therefore inclined to take a ‘wait and see’ approach but they would do well to remember that the first month of marketing is a crucial period of time and every month that goes by could result in a further reduction to the value of their property.”
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With the election uncertainty coming to an ende in a few days, and Brexit negotiations expected to slowly shape up in the aftermath, the overall sentiment in the market might soon experience a shift.
This may lead to some fast decision making from both, buyers and sellers.
