East Londoners sell their homes faster than west London residents but just one in 10 people are able to sell their home in the first 30 days

 
Shruti Tripathi Chopra
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East Londoners sell their house faster than west London residents (Source: Getty)

Nine out of 10 London home sellers do not receive an acceptable offer on their house in the first 30 days after putting it on the market, according to research by estate agents Nested.

East London residents have a 14 per cent chance of securing a good offer compared to eight per cent of sellers in west London, the study found.

For homes priced below £500,000, east Londoners have an 18 per cent chance of receiving an acceptable offer within 30 days compared to only 11 per cent for their peers in the west.

Across the UK, 15 per cent of properties put on the market in the last 30 days have received an offer versus only 10 per cent in London.

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Meanwhile, just four per cent of UK properties valued above £2m have received an accepted offer in 30 days. That proportion drops to three per cent in 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."

Proportion of £2m+ homes on the market within the last 30 days that have an accepted offer

Area

Under offer (<30 days)

Area

Under offer (< 30 days)

South east

0

North

4.7 per cent

North east

11.1 per cent

North west

1.5 per cent

South west

3.8 per cent

West

3.3 per cent

East

5.6 per cent

central

2.9 per cent

All London

3.2 per cent

UK

3.7 per cent

Read more: Why a new wave of foreign millionaires is poised to buy prime London homes

Proportion of homes under £500,000 on the market within the last 30 days that have an accepted offer

Area

Under offer (<30 days)

Area

Under offer (< 30 days)

South east

19.3 per cent

North

15 per cent

North east

17.9 per cent

North west

7.6 per cent

South west

14 per cent

West

9.9 per cent

East

15.4 per cent

Central

8.1 per cent

All London

14.8 per cent

UK

20.4 per cent

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