London properties have the longest typical time on market, but demand for property in the capital is beginning to rise
The time on market figures, which are compiled by Quick Move Now, draw on data from hundreds of thousands of online property listings across England and Wales.
London has dominated the list of areas with the longest time on market for the last four years, but latest figures suggest that demand for London property is returning. According to Zoopla, there was a 25 percent increase in demand for houses in London last month. Desire for outdoor space and the ongoing cladding scandal both continue to have an impact on the number of buyers looking for a flat, however, as demand for flats in the capital only rose by six percent over the same period.
Locations with longest typical time on market:
| Location | Median number of days on market | Median price |
| Mayfair | 261 | £2,282,000 |
| Strand | 253 | £1,250,000 |
| Charing Cross | 249 | £1,495,000 |
| Soho | 235.5 | £1,970,000 |
| Marylebone | 209 | £1,662,500 |
| Knightsbridge | 207 | £1,999,000 |
| Westminster | 204 | £1,150,000 |
| Holborn | 203 | £1,100,000 |
| Belgravia | 195 | £1,420,000 |
| Regents Park | 182 | £1,595,000 |
Locations with shortest typical time on market:
| Location | Median number of days on market | Median price |
| Bolton | 56 | £165,000 |
| Newport | 56 | £210,000 |
| Hull | 58 | £140,000 |
| Stoke On Trent | 58 | £124,950 |
| Chatham | 58 | £240,000 |
| Nottingham | 59 | £225,000 |
| Bristol | 59 | £321,500 |
| Swindon | 59 | £220,000 |
| Sutton | 61 | £315,000 |
| Rochester | 61 | £250,000 |
The typical time on market for the whole of England and Wales is currently 77 days.
Danny Luke, Quick Move Now’s managing director, commented: “It’s no surprise that London dominates the list of areas with the longest typical time on market – the city’s property market woes have been well documented over the last 18 months. However, it is worth noting that even the area with the longest typical time on market – Mayfair – has seen the benefits of a nationwide uplift in the market in recent months. In March of this year, Mayfair properties typically spent 272 days on the market. The current typical time on market has dropped to 261 days.
“What the next few months holds for the property market will depend largely on stock levels. If stock levels remain low and demand continues to outstrip the volume of properties available, homes in desirable areas will continue to sell quickly and prices will remain at their current levels or even continue to rise, albeit at a slower pace. Should demand slow now that furlough and the stamp duty holiday have come to a complete stop, I would expect to see prices begin to level off and we may even experience a slight price correction.”
