Ever wondered where properties sell the fastest in London? Well, according to Foxtons' sales data, these five boroughs top the charts for the fastest-selling homes. And it might surprise you that it's not always where you can find the capital's cheapest properties.
To locate the top five boroughs where properties sell the quickest, we looked back at all of our property sales in 2019 to find the average time to sell and discovered that the London Borough of Redbridge comes out on top with the capital's fastest selling homes.
Redbridge’s properties have the lowest average selling time, according to our sales figures. The average selling price in this borough is £414,074, almost £60,000 below the average London property price for 2019 according to HPI data, which is certainly playing a part in driving sales.
The imminent arrival of the Elizabeth Line (Crossrail) offers huge potential for growth in the area, and investors have been eager to push through sales before property prices increase. Meanwhile, Crossrail’s highly anticipated arrival has been the catalyst for a multi-million pound revamp of the Ilford High Street, further stimulating the interest of buyers.
Second on our top five list of fast-selling homes is Enfield in North London. Much like in Redbridge, buyers are tempted by the handy location, which offers both convenient transport links to central London, as well as an easy escape route out of the city. The town centre has undergone extensive redevelopments in recent years which appears to be drawing more investors to the area.
The borough with the third fastest selling homes in London is Barking and Dagenham. This borough has topped our list of the cheapest places to rent in London in 2019 for the second year running, yet offers workers a swift commute into central London via Overground or train. Investors are clearly snapping up homes here to meet the resulting demand.
Following Barking and Dagenham in fourth and fifth place are Waltham Forest and Harrow, where the average offer prices are £424,655 and £458,003 respectively.
While these boroughs are where you'll find London's fastest selling properties, in contrast, Camden, Westminster, and Kensington and Chelsea are the boroughs where properties take the longest time to sell. Homes in Kensington and Chelsea are the most expensive in London, with an average property price of £1,197,209 according to the latest monthly HPI figures.
Average offer price - £414,074
Average offer price - £393,468
3. Barking and Dagenham
Average offer price - £299,314
4. Waltham Forest
Average offer price - £424,655
Average offer price - £458,003