Ever wondered where properties sell the fastest in London?
Well, it’s not where you’d expect.
First, the fastest-selling areas of London aren’t the cheapest. Today’s buyers are more attracted to areas like Barking Riverside that have major development projects underway and plans for improved infrastructure.
But exactly how long does it take to sell a house in these areas?
It took an average of 106 days from listing a property to finding a buyer and closing the deal in the west London area in January last year.
But with a fresh wave of uncertainty hitting the market in 2020 due to COVID-19, expect the houses to stay longer in the market. While the novel pandemic may have slowed down house sales in London, property in these 4 hotspots is being snapped faster than ever.
1. Barking Riverside
With over 10,000 new homes as well as restaurants, schools, and leisure facilities currently being built in Barking Riverside, the Barking area has attracted a multitude of investors.
Properties in this area are being snapped quickly not just because of the ongoing development projects but also the price, which is considerably lower than other areas. Covering 443 acres, the Barking Riverside development is the biggest in East London.
Upon completion, the Barking Riverside development will house over 30,000 people. There is also a 2 mile London Overground link being developed which will make it possible to travel to central London in under 20 minutes.
2. London Borough of Redbridge
According to Foxton’s 2019 research data, the London Borough of Redbridge area has one of the lowest selling times.
The average selling price in this borough is £414,064, which is slightly lower than the average London property price. Londoners are investing in this area due to its high potential for growth, facilitated by the imminent arrival of the Elizabeth Line (Crossrail).
Properties in Redbridge sell fast at a good price. However, in some circumstances, you may want to sell the house quicker, and within a specified time scale. In such cases, it’s advisable to seek the services of a property buying company that will help to sell your house quickly.
Such companies may not get you the best price but will guarantee you a quick sale and money in your bank account within days.
3. Greenwich Peninsula
The Greenwich Peninsula isn’t the cheapest place to buy a house in London. Properties in this area had an average price of £637,411 over the last year.
Yet, the area has become a major hotspot for investors and home buyers, with houses moving pretty fast in The O2. The completion of this £8.4 billion project—which consists of 15,000 homes, restaurants, bars, shops, and 48 acres of open space for fun outdoor activities—has made other properties in the area sell quickly.
4. Brentford, West London
Brentford, known for its industrial status and road connections, has become one of the affordable hotspots for home buyers.
Houses move fast in this area and for many reasons.
First, thousands of new homes are being built in the area overlooking the three waterways—the River Thames, the River Brent, and the Grand Union Canal. Upon completion, the area will be a new waterfront suburb with plenty of amenities, shops, restaurants, and sporting facilities.
Secondly, Brentford’s transport links are fast—trains to Waterloo Station take around 30 minutes. The city’s proximity to the lovely Syon and Gunnersbury Parks also drives potential buyers to this area, that’s also endowed with historical artifacts and relics.
If you’re an investor looking to buy or sell a home in London, these areas are a great place to start. Other areas of London where properties are selling fast include Woolwich, Old Kent Road, Enfield, and Palmers Green.