Time to sell a home increases across half of UK: Zoopla

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The average time it takes to sell a property has not improved over the past year, remaining at 42 days, while in half of local authorities delays have worsened.

Zoopla analysed the average timescale between properties being listed for sale and an offer being accepted from a buyer, at which point the property is marked as “sold subject to contract”.

It found that in 180 of 363 UK local authorities homes are taking longer to sell this summer as higher mortgage rates add to buying costs.

While the national average time to sell has not changed, there is a widening gap between the quickest and slowest areas.

Melton in the East Midlands was the slowest place to sell, with sales taking an average of 76 days and it was one of eight local authorities where sales took two months or more.

The UK’s ten fastest-selling markets are all in Scotland, led by Falkirk at just 11 days.

Even in London there are stark differences as Westminster is among the UK’s slowest moving markets, with homes taking an average 63 days to sell, while Waltham Forest is London’s fastest market at 33 days.

On the other hand, 145 markets have registered decreases in time to sell, including North West Leicestershire, an improving market in the East Midlands just an hour away from Melton.

Higher average mortgage rates compared to the start of the year have added to buying costs and led to a wait-and-see approach for some buyers.

Westminster’s slower speed reflects high house prices and Teignbridge’s lengthy timescale reflects higher council tax levels in second home hotspots and an increase in properties available to buy.

Outside of Melton, markets in southern England make up the entirety of the top 10 slowest moving markets.

On the other hand, the top 19 fastest selling markets are all in Scotland, led by Falkirk, where the average property sells in just 11 days.

This is followed by Renfrewshire and North Lanarkshire, where homes go in 13 days.

It takes until 20th place for a non-Scottish local authority to appear, with Carlisle and Barnsley being England’s fastest selling markets at 23 days each.

This speed reflects differences in the Scottish home selling process as well as the fact properties are generally more affordable.

Homes in Scotland are typically marketed as “offers over” a certain price with potential buyers able to see the valuation and home survey before making an offer, providing greater certainty at an earlier stage.

Zoopla executive director Richard Donnell, says: “While the national time to sell has barely moved, that stability is masking a real divide opening up between local markets.

“In areas like Melton in Leicestershire, homes are taking noticeably longer to sell than a year ago, while markets just a short drive away are speeding up.

“If you’re selling in a slower market, don’t take a wait-and-see approach – talk to a local agent who knows what’s happening street by street, and make sure your home is priced right from day one.

“That’s still the biggest factor within a seller’s control, whatever the local market is doing.”


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