The recent Post Office Money City Rate of Sale report displays that it takes an average of 102 days to sell a property in the UK. The Centre for Economics and Business Research (Cebr) assisted in developing the report, by observing the average time it will take for a property to sell in 35 major cities within the UK. The end results show the amount of time sellers will have to wait before receiving an offer has increased a week more from 96 days in 2017.
In the UK, the homeowners in Scottish Cities, Edinburgh and Glasgow will see their homes get sold the fastest in the UK. It spends approximately 39 days to 48 days on the market. Additionally, Glasgow’s market seems to consistently stay competitive with the fastest house price growth of major cities. On the other hand, the properties in both cities stays reasonably priced when compared to the properties within the rest of UK. Moreover, both cities have strong population growth therefore it will increase the demand for properties in areas with an undersupply of homes.
Furthermore, the properties that take the longest to sell are London and Blackpool, taking an average of 126 and 131 days. Even though, London properties are expensive with double-digit house price growth every year which will most likely take them longer to sell, regardless of London previously having one of the most competitive property markets. It will an average of 171 days for properties over a million to sell in the capital, while the cheaper properties will take 99 days. On the other hand, Blackpool is almost the opposite since the properties are very affordable, however it has the oldest average population, therefore it will not be beneficial for the latest rise in first time buyer sales on the property market.
Moreover, Belfast and Swansea have both seen a large fall in the time properties spend on the market – 17 and 14 days less than last year. In addition to this, in Belfast it seems the supply of housing is quite low a present in Belfast, therefore housing stock has limited availability. Properties are spending less time on the market before being purchased. Swansea is in commutable distance to Cardiff and is affordable, which has been sustained in demand then led to fall in time spent on the market.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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