The London property market is out of control at the moment, what with the absurd cost of renting and the colossal sums required to buy a place. Tell us something we don't know. But we've got a piece of London housing-market news that might actually surprise you.
It turns out that properties in less fashionable parts of outer London are now selling faster than more central areas, according to an analysis by property website Zoopla.
Properties in suburban boroughs of the capital, such as Sutton and Havering, are now the quickest to be snapped up when they’re put up for sale, reported the Evening Standard. Those in Sutton are the quickest to attract an offer, after an average of 28 days, and those in Havering and Bexley are the second fastest-selling, getting an offer after 29 days.
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This makes them some of the fastest places to sell property in the whole country, with Northampton topping the list at 27 days. The national average is 47 days.
All of London’s “prime” inner areas take longer than 47 days to attract an offer. Properties in the Royal Borough of Kensington and Chelsea and those in Westminster are the slowest to be sold, taking 83 and 70 days respectively.
Even "younger" and slightly less intimidating (though still expensive) areas, including Wandsworth (56 days), Camden (58 days) and Hammersmith and Fulham (62), were among the bottom five boroughs in the analysis.
What’s behind this trend towards bagging suburban properties? Their affordability and improved transport links, along with the fact that the “prime” central London market has slowed in recent years.
The rise in stamp duty and vote to leave the EU could explain the slump in central London, but signs suggest things are picking up, with foreign investors exploiting the fall in the pound’s value, the Evening Standard reported.
“The past year has seen a real shift in momentum from central London to the suburbs,” Jonathan Hopper, managing director of the buying agents Garrington Property Finders, told the Evening Standard.
“Boroughs like Havering are enjoying a surge in interest. Regeneration and the prospect of better transport connections mean that areas like this can offer both good value and the potential for strong growth.”
Looks like we’ll be moving to the home counties, then...