The latest research has found that more than a quarter of properties in Wolverhampton, Liverpool and Bradford have been on the market for longer than 6 months, and one in ten properties for sale in Wolverhampton and Bradford have been on the market for at least a year.
Rightmove data was analysed, for 50 major UK towns and cities. 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.
Also, seven out of 10 towns, with the highest percentage of properties that haven’t sold after more than a year on the market, are in the north of England. With only one town in the south – Bournemouth – in 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 6 months or more.
Locally, the top three slowest moving properties are in:
Teignmouth where a property has been on the market for 181 weeks (!); and
Bishopsteignton where a home has been for sale for a more modest 95 weeks; and
Abbotskerswell where a property has been available for 85 weeks…….
none of these properties are for sale with Chamberlains.
The following table shows the slowest-moving property markets in the UK, ranked in order of towns/cities with the highest percentage of properties still on the market after a year or more:
% of properties on the market 1 year+
% of properties on the market 6 months+
Oldest property on the market
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.