27th October 2016
The average UK property takes 91 days to sell, according to the latest City Rate of Sale report from the Centre for Economic and Business Reseach from Post Office Money Mortgages.
The report, which examines the average time a property takes to sell in 20 major cities across the UK, found that sellers in Bristol and Edinburgh had the least amount of time to wait, with homes spending 51 and 53 days on the market, respectively.
Cities to the West of the UK were most likely to see a long wait with residences in Swansea and Liverpool taking the longest to be sold – a typical property taking over 100 days (100 and 108 respectively) to sell in both of the cities.
John Willcock, Head of Mortgages at Post Office Money, says: “House prices continue to rise across the country but eager sellers should remember that this might not be any guarantee of a successful sale. The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market. Even property hotspots such as London are not necessarily guaranteed to sell quickly.”
Edinburgh has seen the biggest fall in the typical time properties have spent on the market over the past year – with the average home taking 25 per cent less time to sell compared to last year.
In contrast, the housing markets in Brighton and London, some of the best performing areas since the financial crisis, have seen the sharpest increase in the typical time that properties have spent on the market with Brighton seeing a 24 per cent increase and London, a 20 per cent increase. In part these movements in time on the market reflect changes in the number of properties listed for sale in the cities. For instance, time on the market in Bristol has risen over the past year (by 17.5 per cent) as strong house price growth has begun to attract more properties for sale – despite the fact it is still the quickest selling city in the UK.
With the exception of Swansea, where prices have remained steady, house prices have risen in each of the cities analysed in this report over the last year. The average price of a home in the UK rose by 8.7% in the year to June 2016. However, despite these rising prices, there are indications that the housing market pressure softened recently, with falls in both demand and supply.
Willcock adds: “Despite these rising prices, our report indicates that the housing market has slowed recently, with falls in both demand and supply. In part, this reflects the introduction of a stamp duty surcharge on second homes at the beginning of April.
“In the final months of 2016 and in to the New Year we can expect this slowdown to intensify, with economic uncertainty adding to the current pressures faced across the market. As a result, some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market (as seen in London over the past 12 months).”
The Post Office Money Rate of Sale report was created in partnership with Cebr using the latest available data from Home.co.uk and the Land Registry House Price Index. The report covers properties across the UK.
|City||Avg. Time to Sell (90 days to 15/09/16)||Median time on the market, % change YOY (09/16)||Avg. House Price, June 2016|