Apartment with views over Hull Marina has been on the market for over three years.
A luxury apartment overlooking Hull Marina is the city’s least-loved property, according to a study.
The one-bedroom home on the first floor of the Freedom Quay apartment block, in Railway Street, has been on the market for over three years, having first been listed for sale on February 12, 2020.
Research by digital upfront property pack provider, Moverly, revealed that even an extraordinary pandemic-inspired property boom has not been enough to sell Britain’s most unwanted homes.
In the case of Hull, a Freedom Quay property, on the market with Zest with an asking price of £140,000, had been listed for 1,133 days, according to the data of March 21, 2023.
In the wider East Yorkshire region, a duplex home that has been divided into three one-bedroom flats, in Richmond Street, Bridlington, takes the title of most unwanted, with a listing time of 944 days when the study was carried out. The property, for sale with Hunters for £160,000 and described as an “investment opportunity”, first entered the market on August 19, 2020.
Moverly analysed property stock on Rightmove to find the homes that have been listed for the longest time across each area of the British housing market.
Ed Molyneux, Moverly co-founder, said: “It’s been long understood and just as long maligned that Britain’s homebuying process is utterly archaic and, therefore, takes far too long to complete, leaving both sellers and buyers frustrated and leading to all manner of unwanted occurrences such as broken chains and fall-throughs.
“But, in order to even start this old-fashioned transaction process, you’ve actually got to find a buyer which is something that the owners of these unwanted homes are no doubt desperate to do by now.
“It might come as a surprise to hear that, during our nation’s much-reported housing shortage, perfectly good homes can sit on the market for more than a decade without finding a buyer, but there are any number of reasons why this might be.
“The asking prices might be too high; the property itself might be too unique or quirky, requiring an acquired taste; or perhaps they’re in a state of such disrepair that nobody is willing to touch them. It’s also possible that the homes have simply not been marketed in a manner that attracts the buyers that the property itself deserves.
“Anyone who wants to avoid becoming one of the unluckiest sellers in the nation needs to make sure that their home is being marketed in the right way, at the right price, and with the right information ready for potential buyers. Because, while you’re unlikely to be sat on the market for 14 years, a year or even two can easily come and go if your home is not being sold in the right way.”
The Freedom Quay apartment “would make an ideal investment or a stunning home for a busy professional”, says Zest. The property includes an entrance hall, a spacious lounge/dining area overlooking the Marina, a modern fitted kitchen, a spacious bedroom – also boasting Marina views – and a contemporary bathroom.
In Bridlington, the Richmond Street listing is said to be a “freehold property which is split into three one-bedroom flats which are all currently let and bringing in a combined annual income of approx £12,600”.