Where to buy in London in 2019: 10 areas where homes are selling faster than a year ago
It is taking sellers a full week longer than a year ago to offload their properties in London’s Brexit-stalled market, with the time it takes to sell a property in most parts of the capital slowing from 82 to 89 days in the past 12 months, according to Rightmove.
But some areas are bucking this trend, as buyers are driven to locations with major regeneration projects underway, plans for improved infrastructure and tempting price reductions.
Brentford, in Hounslow, has seen the biggest boost, with homes being snapped up more than a month faster than at the start of 2018.
It took an average of 106 days from listing a property to finding a buyer in the west London area in January last year. In the same month of 2019, it took just 72 days, the property website found.
What’s so hot about Brentford?
The average asking price for a home in Brentford is £523,306, which is considerably cheaper than the London-wide average of £614,000.
Regeneration in the area has been a slow burner but it is finally taking off, with a major house building initiative and the conversion of the canal transforming the area from industrial backwater to a homes and leisure hub.
“It’s been promised for 15 years but people have found out that the regeneration is definitely happening and they’re intrigued and want to get on the bandwagon,” said Alberto Williams, director of local estate agent Xavi & Co.
He points to Ballymore’s plans for Brentford Waterside, a 12-acre scheme of 900 homes between the high street and the River Brent, which will also have shops, a leisure centre, arts centre and cinema. Although planning permission was granted in 2014, locals are hopeful that construction is underway at last, as shops and businesses on the south side of the high street have all closed.
A new pedestrian bridge across the Grand Union Canal will link the train station and the soon to be revamped high street with the housing schemes that have sprung up by the canal, such as 530-home Brentford Lock West – where warehouse-style flats cost from £552,500.
“The whole town is going through a huge change that people want to be a part of,” said Simon Groves, sales manager at Quilliam in Brentford.
“We are being flooded with new-build flats at very reasonable prices. Other neighbouring areas are quite overpopulated and people can get more for their money in Brentford.”
London’s other recovery hotspots
With homes selling 22 days faster than a year ago, Palmers Green in Enfield and Kensington in central west London, are home to the next fastest moving markets in the capital.
Palmers Green is a second-stepper favourite, with 50 per cent of the properties in this north London area sold to people climbing up the property ladder.
Buyers in London’s most expensive areas have been drawn by falling house prices. In Kensington, the current average asking price is £2.3 million, 13 per cent lower than last year.
Although the amount of time to sell in the area dropped by just over three weeks, at 117 days it was still much longer than the London average as buyers continue to be deterred by the cost of stamp duty and Brexit uncertainty.
“We may see the time to sell in the London market speeding up in 2019 if buyers are attracted by newly-marketed properties costing less than a year ago. But, they will also be trying to judge whether to negotiate a deal now or hold on in case prices fall back,” said Rightmove’s Miles Shipside.
The fastest place to sell a home in London was Walthamstow, where it took 52 days, three days slower than in January 2018. The average house price in the north-east London area is £467,000.