Richmond, Hammersmith & Fulham and Kensington & Chelsea have been named as some of the UK areas with the lowest rates for selling properties.
Property website Rightmove analysed 13 million listings across the UK, excluding Northern Ireland, to discover which areas have had the most success in finding buyers between June 2020 and June 2021.
According to Rightmove data, while homes in Scotland were found to be selling the fastest – with 94% of sellers in Falkirk & East Dunbartonshire able to find a buyer within the last year – London properties are selling at the lowest rate of all, with an average sale rate of 48%.
Topping the list for Britain’s lowest sale rates was Westminster at 22%, closely followed by Kensington & Chelsea at 25%.
South West London areas, Richmond Upon Thames (38%) and Hammersmith & Fulham (31%) also featured in the top ten list for lowest home sale rates across the UK in the last year.
Rightmove’s Director of Property Data, Tim Bannister said: “Historically, the chance of finding a buyer has been lower in London, although it is important to remember it has still increased compared to last year and five years ago.
“London typically includes a larger number of premium markets, where properties can take longer to sell and brings the overall London average down.
“The premium price for property in areas such as Fulham and Kensington & Chelsea can mean there is a smaller pool of potential buyers.”
Despite the comparatively low sale rates in the capital to Scotland where sale rates are on average 89%, Bannister said the housing market is booming across the board in London – with Rightmove data showing one in seven homes (68%) sold between June 2020-July 2021, compared to 41% in 2012.
“The most significant thing about these figures is that it shows us that the sales rate for homes is at its highest point over the past ten years, in every area of Great Britain,” said Bannister.
“Even in London, though lower than other areas, it’s important to remember the figure is still higher than it was last year and five years ago.
“The fact we’ve seen an increase in every area really shows the sheer number of people who have been successfully moving this year.”
“The figures show a significant rise in 2021, which is down to the market activity we’ve seen and the number of people looking to move. This can be for many reasons, such as more space or because their priorities have changed.
“The trend we’ve seen this year is more people moving out of cities to more rural and seaside locations, and that has had an impact on not only London but other major cities as well.
“Overall, while London is moving slightly differently to other markets at the moment, prices are still up compared to this time last year, and we’re seeing signs that more people are coming back to London and other major cities as lockdown restrictions have eased, and medium to long term working patterns are becoming clearer.”
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