Analysis of homes that have remained on the market for more than 14 months by quick-buy firm HBB Solutions’ has revealed that there are 9,263 slow-selling properties in England
Properties that are slow to sell are typically commanding a discount of up to 17% off England’s average house price, research claims.
Analysis of homes that have remained on the market for more than 14 months by quick-buy firm HBB Solutions’ has revealed that there are 9,263 slow-selling properties in England.
The largest proportion are located in London where 2,643 homes account for 29% of the national slow-selling total, according to the research.
The South East is home to 24% of England’s slow-selling homes with 2,207 while in the East of England, 1,061 slow-sellers account for 11% of the national total.
In the North West, 862 slow-sellers account for 9% of the total, and the local city of Liverpool is home to 164.
In the South West, 686 slow-selling homes make up 7% of England’s total, with 58 of them located in the local city of Bristol.
Meanwhile, the West Midlands is home to 548 slow-sellers – 6% of the national total – 52 of which are located in Nottingham.
On average, homes that have been on the market for more than 14 months have a value 4.4% below England’s overall average house price, selling for £291,361 instead of £304,867.
Slow-selling homes suffer the most significant price reductions in the East Midlands (-7.1%), West Midlands (-7.0%), Yorkshire & Humber (-4.3%), East of England (-4.2%), and London (-3.9%).
Chris Hodgkinson, managing director of HBB Solutions, said: Demand is through the roof with buyers competing with each other for, it sometimes seems, whatever they can find on the market, often resulting in offers stretching well above the original asking price.
In such a hot market, it’s more likely than not that there is a good reason for a home being slow to sell, he said.
Its condition might be poor, its location undesirable, or even its price too high. And sellers can try and remedy all of these issues before trying again on the open market, he said.
However, improving the state of a home takes time and money; there is nothing that can be done to change the location, and even the simple act of reducing the price can be tricky because buyers may start to eye the property with suspicion – what must be wrong with it for them to resort to accepting less money?
