The only way is Essex when it comes to speedy sales

The Essex postcode CM18 has topped the list of shortest time on the market over the past six years.

Research by Knight Frank using its myPropertyGenius tool shows that properties in the CM18 area, which includes areas such as Harlow and Kingsmoor, had an average time on the market of just 36 days or five weeks.

All but one of the top ten postcodes, based on sales in England and Wales, are outside the capital.

The Carshalton postcode of SM5 is the only London postcode in the top ten, with an average selling time of 42.

PC Districts Number of Properties Average time on market in weeks Days
CM18 123 5.08 36
BS3 249 5.25 37
SG16 68 5.65 40
B98 247 5.88 41
ME8 221 5.88 41
SG6 147 5.89 41
DE45 89 5.95 42
SM5 203 5.99 42
SK4 287 6.01 42
TN24 164 6.03 42

The myPropertyGenius tool uses Knight Frank and Land Registry data and these figures cover the first quarter of 2010 to the first quarter of 2016.

Vendors in the capital are waiting up to 50 days at best on average to sell, according to the data.

PC Districts Average time on market Days
SM5 5.99 42
DA14 6.06 42
N14 6.47 45
RM8 6.52 46
DA5 6.56 46
TW4 6.64 46
N18 6.74 47
DA8 6.75 47
KT9 6.93 48
SE28 7.08 50

On a national basis Rightmove showed that average time on the market in September was 64 days.

Liam Bailey, head of research at Knight Frank, said: “London has seen a shift in fortunes over the past 12 months, power has shifted in the favour of buyers, as their number has fallen while stock volumes have risen. Buyers have the luxury of taking more time over buying decisions – as a result sales are slower.

“Why? Partially due to the rise in stamp duty which has impacted more heavily on London.”

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One Comment

  1. DapperSnapper

    SM5 isn’t a London postcode!

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