Sunderland is the slowest city in England for selling property, according to a new report by Ready Steady Sell.
The study, carried out by the North East-based quick house sale agency, found that properties on the market in Sunderland take on average 302 days to sell. Bradford didn’t fare much better (287 days), while in South Shields the average home stays on the market for 273 days.
The North East performs poorly as a selling location, with North Shields – a town opposite South Shields on the north bank of the River Tyne and only a few miles from Newcastle – recording an average sale time of 265 days.
The findings were taken from the past 12 months of data Ready Steady Sell have collected from homeowners applying on their website (England only) and those listing via their partner online estate agency.
More promisingly, the majority of properties listed (over 59%) sold within an average of two months.
The full breakdown of the study was as follows:
- Sunderland – property spends an average 302 days on the market.
- Bradford – property spends an average 287 days on the market.
- South Shields – property spends an average 273 days on the market.
- North Shields – property spends an average 265 days on the market.
- Rochdale - property spends an average 264 days on the market.
- Darlington - property spends an average 255 days on the market.
- Middlesbrough - property spends an average 254 days on the market.
- Oldham - property spends an average 230 days on the market.
- Knightsbridge - property spends an average 235 days on the market.
- Charing Cross - property spends an average 231 days on the market.
The survey, which spoke to more than 1,500 sellers, also revealed that the main attraction for the majority of potential buyers is the school catchment area. Location, the size and overall condition of the property and nearby local amenities were also outlined as key selling points.
Meanwhile, just 3% of homeowners deemed having a garage as a key selling feature, but 29% of sellers said that off-street parking would help to entice would-be buyers into making a purchase. Some 23% said that, when it comes to selling, their garden space would give their home the ‘wow’ factor.
“Anyone looking to sell their property quickly in 2018 on the open market may struggle in the above areas without some added influencing factor, like being in the catchment area of a good school,” David Sessford, of Ready Steady Sell, commented.
“Sunderland is a particularly difficult place for most estate agents to sell property quickly at market value prices, and vendors need to be realistic with their asking prices in order to achieve a quicker than average home sale.”