It is well known that London is one of the most difficult places to get on the property ladder in the U.K. as real estate expert Nick Millican explains. However, some areas of London are proving a challenge for sellers despite being among the world’s most sought-after postcodes.
Real estate expert Nick Millican explains the fashionable Soho neighborhood has developed into the most challenging for sellers in the English capital. He has explored the latest research from some of the U.K.’s leading estate agents to discover the trends affecting the London markets.
Sellers in Soho wait 241 days to complete a sale, which adds 16 days to the 2023 average of 225. The average price of a Soho sale has fallen to $2,000,000 from 2,192,500 in 2023. Nick Millican adds that Marylebone sits second on the list.
This, in the list of London neighborhoods with the longest time before an offer is received. Residents of Marylebone wait an average of 216 days for an offer. At the other end of the scale, Nick Millican explains the average wait for an offer sits just above 160 days across some popular London neighborhoods.
Residents of Stretford wait 164 days, a rise of 12 days from March 2023. St. Luke’s sits next on the list of London neighborhoods at 165 days. Poplar remains one of the most affordable places to live in London, with an average house price of $500,000 and an average wait of 166 days. Contact Nick Millican for further information.