With Brexit uncertainty and the slapstick antics at Westminster causing the majority of potential movers to play it cautious, the data shows that across Great Britain it is currently taking an average of 247 days to sell a home in current market conditions.
GetAgent.co.uk pulls data from all of the major portals which they then cross-reference with the Land Registry using proprietary algorithms to create a comprehensive record of what is selling, where, for how much and how long it’s taking.
The latest data looks at the total average time to sell a home from the first day it is listed on the property portals until the day it is marked sold by the Land Registry - not the first day of listing to sold subject contract as is the popular method amongst statisticians at the likes of Purplebricks.
According to the findings, the City of London is currently the slowest market in Great Britain taking 409 days to sell, however in the real world, well sort of, Islington is the next slowest market at 402 days to sell a home from start to finish.
Eden in Cumbria is the slowest market outside of the London bubble where homes are also taking over 400 days to sell, just, at 401 days.
Sellers in Copeland are having to slog it out for 394 days in order to sell, while Ceredigion (392) and Pembrokeshire (350) are home to the biggest market freezes in Wales.
Bournemouth is home to the biggest market freeze in the South West with properties taking an average of 324 days to sell, followed by East Devon (319) and Merthyr Tydfil (316)
London
Across London as a whole, it’s taking even longer to sell a home with an average time of 286 days as the capital feels the brunt of current market conditions.
While the City of London and Islington are the only areas to exceed the 400-day mark, Barnet (313), Lambeth (307) and Richmond (305) are also home to some of the longest periods to sell a home so far this year.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “The time to sell and reductions in asking price often go hand in hand and unfortunately for those in Bradford, the city is picking up a number of undesirable accolades of late should you be looking to sell a home.
However, when prices start to drop this often indicates that property is priced to high for current conditions, and by reducing expectations, the speed at which homes enter and exit the market should start to reduce.
It’s tough out there at the moment, and now more than ever, home sellers should approach a sale with a clear head and realistic expectations, leaving any emotional attachment behind if they are serious about shifting their property.”
