Research published by Rightmove has shown where property is currently selling fastest. Research on house sales in south-east London suburb Bexleyheath has shown that on average houses sell within just three weeks of coming to market.
The current average house price in Bexleyheath stands at £379,472 and the appeal is attributed to affordable property, good grammar schools and on average a 35 minute train journey into central London.
Running a close second is Abbey Wood which savvy investors have snapped up property in due to the coming Elizabeth line (or Crossrail). Property in Abbey wood tends to sell in around 22 days with an average house price of £338,574.
Bexley was listed as the most expensive in the list with an average house price of £415,152. Lucian Cook of Savills said “Where there is more demand than supply, there is more potential for price growth. Growth is moving into low-value markets where four or five years ago buyers would have been reluctant to look. Buyers really need to be ready to move and have their finances in place when they find the house they want.”
Houses in Kensington managed an overall average of £2,132,731 but took around 123 days to sell. Buyers have been put off by the high stamp duty on houses costing more that £2 million. It does now seem that prices across central London are beginning to stagnate.