A few months ago, I wrote an article on another blog about the length of time it took to sell a property in South Ockendon. It also covered the saleability of the different price bands (i.e. whether the lower/middle or upper local property markets were moving slower or quicker than the others). For reference, a few months ago it was taking on average 36 days from the property coming on the market for it to be sold subject to contract (and that was based on every Estate Agent in town). Today that figure is 90 days! Does that surprise you with what is happening in the current UK economy?
Well, a number of South Ockendon landlords and homeowners, who were looking to sell in the coming months, contacted me following that article. They enquired what difference the type of property (i.e. Detached/Semi/Terraced/Apartment) made to saleability and also the saleability of property by the number of bedrooms). As I have said before, whether you are a South Ockendon landlord looking to liquidate your buy-to-let investment, or a homeowner looking to sell your home; finding a buyer and selling your property can take an annoyingly long time. Anything you can do to mitigate that is helpful to everyone.
South Ockendon Sales By Property Type
I did some research on the whole of the South Ockendon property market and these were my findings. To start with by type (i.e. Detached/Semi/Terraced/Apartment)….As you can see, the star players are the detached and semi-detached variants of South Ockendon property, whilst apartments seem to be sticking in South Ockendon.
Next, I looked at what the number of bedrooms does to the saleability of South Ockendon property. As you can see, the four bed properties seem to be taking the longest time to sell. To answer the question in the title – it’s two bed properties coming up trumps!
So, what does this mean for South Ockendon buy-to-let landlords and homeowners?
There is no doubt that there is a profusion of properties on the market in South Ockendon compared to 18 months ago. It’s not because more houses are coming on to the market, but because they are also taking a little longer to sell. This makes it slightly more a ‘buyer’s market’ than the ‘seller’s market’ we had back in 2014 – 2016. Therefore, in some sectors of the South Ockendon property market, it is much tougher to sell, especially if you want to sell fast.
To conclude, on the run up to the New Year, if you are looking to buy and plan to stay in the buy-to-let market a long time, perhaps take a look at the South Ockendon properties that are sticking as there could be some bargains to be had there? Want to know where they are .. drop me a line and I will tell you a nifty little trick to find all the properties that are sticking.
Property question? Drop me a line at Paul@thurrockpropertyblog.co.uk
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