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Essex’s Slowest and Fastest Home Sale Markets Revealed

19 Apr Essex’s Slowest and Fastest Home Sale Markets Revealed

Professional house buying firm Property Solvers’ speed of sale tool has revealed that it’s taking an average of 16.11 weeks to sell a property across Essex.

Updated monthly, the latest dataset analysed over 2,796 property sales across the region between April 2020 and April 2021.

The statistics track the moment a property is listed on the UK’s largest property portal Rightmove to the point it’s marked as officially ‘sold’ at the HM Land Registry.

As shown in the table below, properties were selling the fastest in Canvey Island (SS8), Rochford (SS4) and Epping (CM16) adopting a minimum number of 20 property sales in a given area.  In the top 10 areas, Property Solvers revealed that homes took 93.30 days (13.33 weeks) to sell on average.

Essex’s Fastest Areas to Sell a Property (April 2020 to April 2021)

Area

Postcode

Average No. of Days to Sell

No. of Properties

Canvey Island

SS8

70

53

Rochford

SS4

91

35

Epping

CM16

92

37

Southminster & Burnham-On-Crouch

CM0

94

36

Colchester

CO7

95

56

Westcliff-On-Sea

SS0

96

39

Southend-On-Sea

SS2

97

53

Frinton-On-Sea

CO13

98

23

Colchester

CO5

99

22

Rainham

RM13

101

25

Homes were selling the slowest in the Harwich (CO12), Basildon (SS16) and Colchester (CO3) postcodes (also sampling a minimum data set of 20 property sales).  In the bottom 10 postcodes, the data showed that properties were taking 127.10 days (18.16 weeks) to sell on average.

Essex’s Slowest Areas to Sell a Property (April 2020 to April 2021)

Area

Postcode

Average No. of Days to Sell

No. of Properties

Harwich

CO12

133

38

Basildon

SS16

129

30

Colchester

CO3

128

41

Halstead

CO9

128

35

Hornchurch

RM12

128

50

Maldon

CM9

127

52

Basildon

SS14

127

22

Sawbridgeworth

CM21

124

38

Colchester

CO4

124

64

Brentwood

CM14

123

33

Property Solvers co-founder, Ruban Selvanayagam commented: “Despite the broad level of inactivity under the first COVID-19 lockdown, the estate agency industry has recovered relatively quickly.”

“Whilst buyer demand certainly hasn’t waned as many predicted, the time for house transactions to complete has certainly lengthened.”

“Many solicitors, mortgage brokers and other professionals in our sector have been working from home which has often resulted in further administrative and other operational delays.  However, with restrictions gradually being lifted, and more people returning to office, the property buying and selling process should hopefully accelerate,” he continued.

Nonetheless, Selvanayagam concluded, many of the processes remain slow and archaic – “an issue that’s likely to continue post-pandemic.”