Recent studies conducted by Post Office Money Mortgages have shown that the average time it takes to sell a home in the UK is 91 days, 33 days longer than it took in 2012.
The study shows that Bristol takes on average just 51 days for a home to be sold, and Edinburgh 53 days, both of which have the shortest waiting period in the country. Swansea and Liverpool on the other hand, with a waiting time of 100 days and 108 days respectfully, take the longest to sell a house. Homeowners in the west of the UK usually have to wait longer for their houses to be sold.
Head of Post Office Money Mortgages, John Willcock, has warned enthusiastic home sellers that although there is a continued increase in the prices of homes throughout the country, they must understand this is no guarantee that their sale will be successful.
He also says that, with the current asking prices being as attractive as they are, many people will be eager to sell their homes to make a profit, which would result in fierce competition in the market. There is no guarantee in London even that a house sale will go through quickly; it now takes an average of 89 days in the capital.
Popular areas like London and Brighton, where some of the largest increases in house prices have occurred in the past five years, have also seen significantly higher increases in the waiting time – up to 20% longer in London, and 24% in Brighton year-on-year, for a property to be sold after being placed on the market.
The report also reveals that it is the change in the number of homes being put on the market in each specific city that is part of the reason as to the length of time it takes to sell a property listed for sale.
In Bristol, despite it being quicker than anywhere else in the UK, the time it takes to sell a house has increased by 17.5%. This is because house prices have increased significantly in this area, resulting in more homes being put up for sale, increase competition and a longer waiting time for the sale to be successful.
Apart from Swansea, where house prices have remained stable, property prices in every other city analysed in the report, have increased in the past year. On average, home prices in the country increased by 8.7% over the past 12 months.
However, despite most areas experiencing an increase in property prices, there are signs that both demand and supply on the housing market have moderated somewhat in the past few months and the Centre for Economics and Business Research (CEBR) has stated that this softened housing market trend will increase again in the latter part of 2016.