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Typical UK home takes 91 days to sell

Wednesday 2nd November 2016

The average property in the UK takes 91 days to sell, according to the latest City Rate of Sale report from Post Office Money. 
 
Sellers in Bristol and Edinburgh have the shortest time to wait, according to the report which analyses the time it takes to sell a property in 20 major UK cities.
 
Those in the Scottish capital have to wait an average of 53 days before putting up a 'Sold' board, while in Bristol the average property sells in 51 days. 
 
On the other hand, properties in Swansea and Liverpool take the longest to sell, according to the study, at 100 and 108 days respectively.
 
What's more, traditional housing hotspots London and Brighton have experienced a sharp increase in the typical time it takes to sell a property.
 
According to Post Office Money, it now takes 24% longer to sell a home in Brighton when compared to last year and 20% longer in the capital.
 
Edinburgh has seen the biggest fall in the typical time properties have spent on the market over the past year – with the average home taking 25% less time to sell compared to last year.
 
Interestingly, average time on the market in Bristol has risen over the past year as strong house price growth has begun to attract more properties for sale – despite the fact it is still the quickest selling city in the UK.
 
“House prices continue to rise across the country but eager sellers should remember that this might not be any guarantee of a successful sale," says John Willcock, Head of Mortgages at Post Office Money.
 
"The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market. Even property hotspots such as London are not necessarily guaranteed to sell quickly,” he says.
 
Willcock says that his firm's analysis indicates that the market has slowed in recent months – with falls in both demand and supply recorded. 
 
"In part, this reflects the introduction of a stamp duty surcharge on second homes at the beginning of April."
 
He adds that as we approach the final months of 2016, he expects this slowdown to 'intensify'.
 
"As a result, some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market," he says.
              

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