When it comes to selling your home you could be living in an area where properties are snapped up due to growing work opportunities or on the basis that the area is up and coming for new families. So, if lately you’ve been thinking ‘I want to sell my house’, check to see if you’re in one of the worst places to sell in the UK first, before you put up that for sale sign.
Wallasey, in Merseyside, has been revealed as one of the worst towns to sell your home in the UK, as those with their property on the market expect to wait an average of 358 days for their home to be snapped up!
This is surprising, considering properties in the area are sold for an average of £132,501 compared to locations nearby such as New Brighton where properties sell for around £148,862 – according to figures from Rightmove. But this proves that simply because your property is at the lower end of the pricing scale, it won’t always sell quickly and this also means the property may not have increased in value resulting in a sale that could potentially lose profit.
Bolton is also apparently struggling when it comes to house sales, as prices have fallen by 9% compared to the rest of the UK which has seen a 172% rise in the national average. The average home is priced at a modest £70,621 compared to the national average of £221,254. So if you’re looking for a good return on your money, Bolton is not the place to sell.
Just up the road, 45 minutes away, a property in Burnley recently sold for just £9,000 – making it potentially the cheapest home in Britain. The location mainly determines the property value and if the town or city has picked itself up after the 2008 crisis the property prices have increased along with it.
In London, for example, the property prices are obviously much steeper with most buyers unable to locate a home under the £300,000 asking price after a recent price hike. The lack of homes and the demand for them is what is turning property sales round quickly, even though the asking price is 50% more than 10 years ago.
Newham, in London, could be considered one of the best places to sell a property, as house prices have seen a 22% jump in value, while Royston saw a 19.1% increase. Outside of the capital Stroud saw a whopping 15% increase in property values with Wellingborough in the East Midlands following closely behind with a 14.4% increase.
Solihull, in the West Midlands, enjoyed a 14.1% increase while Huntingdon and Bury St Edmunds have noted 13.6 and 12.7 per cent increases in property values. Selling in any of locations should see homeowners enjoy a profit from their sale if they’ve owned the property for a few years beforehand.
When it comes to selling a property and working out the best location, look to see how much the house prices have increased in the area, don’t overprice your home and cross your fingers!