A new market snapshot shows how there’s now a two-tier market with homes in London taking substantially longer to sell than those in provincial cities across the UK.
The survey reveals that homes in one part of London take an average of 220 days from new instruction to being sold subject to contract.
The survey, by business consultancy TwentyCi, analyses the capital’s sales in the second quarter of this year - April, May and June.
It breaks down the capital into eight areas; in south east London the time from instruction to SSTC was lowest, at 123 days, but in eastern central London the figure shot up to its highest, 220 days.
The same consultancy gives figures for properties in provincial cities, too, although in those cases it looks only at transactions involving properties costing less than £1m.
Of 10 cities analysed the shortest time from instruction to SSTC was Edinburgh at 87 days, while the longest - by some margin - was Newcastle upon Tyne at 188 days.
This illustrates, the consultancy says, the “two-paced nature of the UK property market” now.
Here are the figures in full:
Average time on the market for London properties, Q2 2018:
- south east London, 123 days
- east London, 137 days
- north London, 137 days
- south west London, 152 days
- western central London, 164 days
- north west London, 169 days
- west London, 174 days
- eastern central London, 22 days.
Average time on the market for 10 cities, excluding £1m-plus homes, Q2 2018:
- Edinburgh, 87 days
- Glasgow, 97 days
- Bristol, 103 days
- Cambridge, 108 days
- Birmingham, 113 days
- Manchester, 117 days
- Leeds, 120 days
- Oxford, 131 days
- Cardiff, 141 days
- Newcastle upon Tyne, 188 days.