A few months ago, I wrote an article on the Letchworth Property Blog about the length of time it took to sell a property in Letchworth and 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 56 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 Letchworth) … and today … 88 days .. does that surprise you with what is happening in the UK economy?
Well, a number of Letchworth landlords and homeowners, who are looking to sell in the coming months, contacted me following that article to enquire 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 Letchworth 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… but anything you can do to mitigate that is helpful to everyone.
So, I did some research on the whole of the Letchworth 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 semi-detached variants of Letchworth property, whilst detached properties seem to be sticking in Letchworth.
Next I looked at what the number of bedrooms does to the saleability of Letchworth property..
… and as you can see the four bed properties seem to be taking the longest time to sell ..and to answer the question in the title .. it’s one bed properties!
So, what does this mean for Letchworth buy-to-let landlords and homeowners?
There is no doubt that there is a profusion of properties on the market in Letchworth compared to 18 months ago … it is not because more houses are coming on to the market, it is 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 2014/5/6. Therefore, in some sectors of the Letchworth property market, it is much tougher to sell, especially if you want to sell your Letchworth home fast.
Therefore, 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 Letchworth 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.