It takes, on average, 102 days to sell a property in the UK according to the latest Post Office Money City Rate of Sale report. The report, developed with the Centre for Economics and Business Research (Cebr), looks at the average time it takes for a property to sell in 35 major cities across the UK. Overall the amount of time sellers had to wait before receiving an offer was one week more – increasing from 96 days in 2017.
Homeowners in Scottish cities Edinburgh and Glasgow will see their homes sell fastest in the UK, with them taking 39 and 48 days on the market before they sell. Glasgow’s market also remains particularly competitive with the fastest house price growth of major UK cities. While properties in both cities remain relatively affordable when compared to the rest of the UK, both have also seen strong population growth which has increased demand for houses in areas with an undersupply of homes.
Properties in London and Blackpool take the longest to sell, taking on average 126 and 131 days. Despite London previously having one of the most competitive property markets, its expensive properties along with years of double-digit house price growth, tend to take longer to sell. Properties over £1 million take 171 days on average to sell in the capital, whereas cheaper properties take only 99 days. Meanwhile, Blackpool sits at the other end of the scale; properties are extremely affordable, but it has the oldest average population, and therefore, may not be benefiting from the recent rise in first-time buyer sales on the property market.
Affordability hotspots, Belfast and Swansea, have seen the biggest fall in the time properties spend on the market – 17 and 14 days less than last year, respectively. Supply of housing is relatively low at present in Belfast, meaning there is limited availability of housing stock. Houses there are spending less time on the market before being purchased. Swansea, meanwhile, is affordable and an easily commutable distance to Cardiff, which has sustained demand there and led to a fall in time spent on the market.
Getting your finance in place beforehand can often strengthen your position as a buyer.
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