If you’re looking at selling your property in London, one of the biggest questions you probably have is how hard it is to sell a property in London right now. The truth is that it depends on many factors, including the property’s asking price, its condition, where it’s located, and more.
But before we go into more detail on how hard it is to sell a property on the London market, we’d first like to provide you with:
- An overview of London’s property market over the last 5 years
- An overview of London’s property market right now
- An overview of what the average selling time is for each type of property
And by the end of this read, you’ll have a crystal-clear idea of whether selling your property in London right now is something you want to do.
An Overview Of London’s Property Market Over The Last 5 Years
Over the last 5 years, London’s property market has continued to grow despite the economic uncertainty around Covid. The average property price in London went from £484,173 in 2017 to £543,000 by December 2022.
In 2023, however, the property market looks a bit different. Although there are some parts of London that continue to see an increase in property prices, on average, the property market took a hit of around 1.4% since last year. And as of August 2023, the average property in London sold for £535,597 – almost £8,000 less than 8 months prior.
What Is The Average Selling Time For Each Type Of Property
In 2023, the average time to sell a property in London varied from 142 to 246 days. This is an increase of around 20 days across the board compared to 2022. If you have a property for sale in London, keep on reading to find out what the average time to sell is for each type of property.
Flats & Apartments
In 2023, flats and apartments in London took the longest to sell – an average of 246 days. In 2022, on average, flats and apartments would take 14 fewer days to sell – 232 days.
Detached properties in London took an average of 195 days to sell in 2023. This is an increase of 27 days compared to the year prior.
Semi-detached properties, which are also the most common type of property in London, sold the fastest. The average time to sell this type of property in 2023 was just 142 days, which was an increase of 24 days from 2022’s 118 days.
Terraced houses in London sold in an average of 162 days in 2023. This is an increase of 15 days since the year prior.
With all that in mind, please note that the above is the average time it takes to sell each type of property across the entire city of London. There are cases where properties sell in a matter of days, while some fail to sell within years of being listed on the market.
How hard is it to sell a property in London right now?
Selling a property in London in 2023 is definitely harder than 2022. This is evident as properties across the board in England’s capital take an average of around 20 days longer to sell than the year prior.
That said, if your property is in a desirable area, is in great condition, and you aren’t trying to squeeze every penny out of it, chances are that you’ll generate decent interest and find a buyer soon. And yes, this is still the case despite rising interest rates and economic uncertainty.
How We Buy Any Home can help with a fast house sale
If you’re struggling with selling your property in London, get in touch with us. At We Buy Any Home, we can sell your house fast and help you unlock the cash value of your property in no time.
If you’re interested in finding out more about how we can help, fill out the form at the bottom of this page, and one of our friendly property experts will be in touch soon.
Despite the fact that London has one of the hottest property markets in the world, sometimes, selling a property in the UK’s capital city isn’t as easy as you might think. Though the competition for every property on the market in London is fierce, there are a handful of cases where properties failed to sell years after being listed for sale.
As we mentioned above, if you do have a property in London that you want to sell fast, get in touch with us, and we can have a chat about how we can help. Then, you can decide whether our way of navigating the London property market is something you’d be interested in trying for your property.