properties taking longer to sell

Properties ‘taking longer to sell’

Couple looking at properties in estate agent windowImage copyright Getty Images

Properties are taking longer to sell than a year ago, analysis suggests, at an average of more than three months in urban areas of the UK.

Homes in cities and major towns were on the market for 102 days on average before being sold or put under offer.

This was six days longer than in 2017, according to the Centre for Economics and Business Research (CEBR).

Selling periods ranged from an average of 39 days in Edinburgh to 131 days in Blackpool.

Completion of the deal may take a lot longer than this, owing to legal requirements and the practicalities of moving dates.

The research for Post Office Money found that properties in Glasgow also sold quickly, at an average 48 days.

Belfast and Swansea recorded the biggest fall in the time properties spent on the market – at 17 and 14 days less respectively than last year.

In contrast, properties in Bristol and Luton were taking 10 and 14 days longer respectively to sell than last year.

Homes in London, where the market has slowed considerably recently, took an average of 126 days to sell.

The report suggested affordability constraints had hit demand in these areas, leading to longer selling times.

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You have a big enough deposit and your monthly payments are high enough. The prices are based on the local market. If there are 100 properties of the right size in an area and they are placed in price order with the cheapest first, the “low-end” of the market will be the 25th property, “mid-priced” is the 50th and “high-end” will be the 75th.