Successful property investment is often about selling your investment quickly and therefore releasing funds for the next project.
With this in mind, many London property investors are looking to the suburbs, where properties are selling much quicker than central London.
Whilst the national average time for selling a property is 47 days, in many prime central London areas it can now take much longer to find a buyer.
In Westminster for example it takes an average of 70 days to receive an offer on properties, and in the upmarket Royal Borough of Kensington and Chelsea the situation is even worse, with properties selling on average only after 83 days.
Neighbouring Hammersmith and Fulham fares little better with properties taking on average 62 days to sell, and other areas of central London such as Camden at 58 days and Wandsworth at 56 days are still noticeably higher than the national average when it comes to finding a buyer for properties.
Some suburbs in outer London on the other hand are selling much quicker.
Affordability and improved transport links are making the suburbs much more attractive to property buyers who struggle to raise the necessary finance to purchase at the inflated prices of central London.
Sutton in north Surrey for example comes in second place nationally when it comes to selling property quickly. A short commute from central London, the suburb sees properties sell on average after only 28 days. A timespan bettered nationally only by the 27 day turnaround seen in Northampton.
Havering in Essex and Bexley in north Kent also see properties moving quickly, with offers being received after just 29 days.
Garrington Property Finders managing director, Jonathan Hopper, told the Evening Standard: ‘The past year has seen a real shift in momentum from central London to the suburbs.’
He continued: ‘Boroughs like Havering are enjoying a surge in interest. Regeneration and the prospect of better transport connections mean that areas like this can offer both good value and the potential for strong growth.’
Selling investment properties quicker allows property investors to make more use of their available funds, leading to better returns. It seems that the suburbs are now the place to invest.