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Homes are taking longer to sell

Depositphotos 40799881 m-2015 (1)

If you have put your home or let property up for sale, it is likely to take a few weeks longer to find a buyer and complete the transaction than it did this time last year.

That is the conclusion reached in an article posted by Property Wire on the 3rd of May, which said that a property in the UK is now taking an average of two weeks longer to sell than a year ago – taking the average up from 148 days 12 months ago to a current 162 days.

But it might be worth the wait since the average price of a house in the UK increased from £224,968 in February 2018 to £226,234 in the same month this year.

As might be expected in a national survey of the speed of house transactions, of course, there are notable variations.

Transactions in Padstow, in Cornwall, for example, are now taking up to 56.6% longer than this time last year. In Woking, Berkshire, they may take 50% longer and in Hemel Hempstead, in Hertfordshire, properties are on the market for an average of 48.7% longer.

The slowest market conditions seem to be in Aberdeen, where homes take an average of 320 days to sell; Sunderland, where it is 279 days; and, Durham 264 days.

In contrast to those slower moving areas, however, in some parts of the country sales are not taking so long. In Oldham, Lancashire, for example, it now takes 27.7% less time to sell a home. In Stirling, Scotland, it has dropped by 24.5% (to 114 days), Sale in Greater Manchester is down 19.5% (to 95 days), and Glasgow, Scotland, down by 16% (to 105 days).