In a recent study conducted by experts at property portal Rightmove, it has been revealed that nine out of the ten slowest markets to find a buyer are coastal towns. These findings shed light on the challenges faced by homeowners looking to sell in Britain’s pretty seaside towns. Locations such as Abergele and Skegness are highlighted as areas where it can take around 100 days to secure a buyer for a property.
The study also points out that buying a second home in a seaside town is becoming increasingly expensive, with local authorities being granted powers to impose double Council Tax. For instance, in Brixham, Devon, where the average price is £338,011, it takes an average of 118 days to find a buyer. Skegness follows closely behind at 115 days, and other coastal towns like Abergele, Minehead, Cleethorpes, Canford Cliffs, Dorset, and Hayling Island are experiencing similar challenges.
On the other hand, the study shows that sellers in Scotland have an easier time pushing through a sale, with all of the top ten quickest locations to find a buyer being in Scotland. Carluke in Lanarkshire is identified as Great Britain’s fastest-selling market this year, with sellers finding a buyer in an average of just 15 days. The Glasgow commuter towns of Giffnock and Uddingston are also noted for their quick turnaround times of 16 and 17 days, respectively.
In London, areas further out from the city centre, such as Walthamstow, Stoke Newington, and Dagenham, are currently finding buyers the quickest. In contrast, central London locations like Knightsbridge, Chelsea, and Victoria are reported as the slowest markets to find a buyer due to higher price points. Tim Bannister, a property expert at Rightmove, highlights the shift in buyer preferences towards commuter areas with good transport links and more affordable prices.
Toby Leek, the president of NAEA Propertymark, emphasises that changes in lifestyle post-pandemic are influencing homebuying decisions. The flexibility brought about by remote working has led people to consider locations with better transport links to metropolitan areas, even if they are more affordable. Despite economic challenges in recent years, the housing market in Britain remains vibrant, with momentum expected to increase further as lenders offer more competitive mortgage deals.