You are here: Home - Mortgages - First Time Buyer - News -

Average time to sell a property hits three-year high of 12 weeks

0
Written by:
30/10/2019
The time to sell a home in the UK’s biggest cities has reached a three-year high, with properties taking nearly a month longer to shift than they did in 2016, new research shows.

Weak housing market conditions means it now takes vendors more than 12 weeks to sell compared to eight weeks in the period shortly after the EU referendum.

Sellers are also accepting offers that are on average 3.8 per cent or around £10,000 below the initial asking price.

However, the research by property website Zoopla revealed market dynamics vary across cities.

In London, Oxford and Aberdeen – where housing market conditions remain weakest – the average time to sell is more than 14 weeks and the discount required to achieve a sale is just below 5 per cent.

Sellers in London are accepting offers from buyers that are 5.7 per cent below asking price, up form just 1.8 per cent in 2016.

However, in the Midlands and North of England, where house price growth has remained above average, most major cities are registering an average time to sell of between 8.4 and 9.5 weeks. Sellers in these regions are also accepting the smallest asking price discounts of 2 – 3 per cent.

The strongest market conditions are in Scotland, with homes in Glasgow and Edinburgh selling within five to six weeks.

Scotland has a different system for sales transactions, with more information provided to buyers up front.

With properties also typically marketed as ‘offers over’, Glasgow and Edinburgh are the only two UK cities not to register a discount from asking to selling piece, instead commanding an average 6-7 per cent above the asking price.

Richard Donnell, research and insight director at Zoopla, said: “There is a continued polarisation in housing market conditions across the country set by underlying market fundamentals, albeit Brexit uncertainty has been a compounding factor for lower market activity in some areas.

“A General Election seems to be a growing possibility ahead of any Brexit resolution; however, once the political outlook becomes clearer, we would expect a modest bounce-back in demand for a six – 12-month period. Regardless, removing the uncertainty caused by Brexit will do little to address levels of housing affordability, which are limiting market activity across southern England.

“Market conditions are set to remain weak in southern cities until pricing levels adjust to what buyers are willing, or can afford, to pay. London is three years into a re-pricing process, and we expect sales volumes to slowly improve over 2020, while house price growth remains subdued.

“There are large parts of the country where housing affordability remains attractive, fuelled by continued economic growth that supports demand for homes, resulting in reasonable sales periods and only modest gaps between sales and asking prices.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Notice accounts remain resilient as rates on other savings products tumble

While rates on easy access and fixed term accounts have been falling, the notice account market has been fairly robust.

Close