Average time to sell a home hits 247 days – Coldest market spots revealed
The latest research by leading estate agent comparison website, GetAgent.co.uk, has looked at the time it’s taking to sell a home so far in 2019 and where is home to the longest home selling process, as Brexit uncertainty continues to bring about a market freeze.
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.
Great Britain
The data shows that across Great Britain it is currently taking an average of 247 days to sell a home in current market conditions.
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.
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“Market uncertainty has certainly hit the top end of the market hardest and the more inflated areas of the UK property market are some of those seeing the longest times to sell. This is largely due to hesitation from buyers but also because home sellers are failing to adjust their price expectations in line with the current landscape.
In any market, over-pricing will result in a property remaining sat on the portals with little interest but particularly given the current climate, home sellers should approach a sale with a clear head and realistic expectations.
At the other end of the scale, the more affordable pockets that have seen little or no reduction in values, and where both buyers and sellers are approaching with a ‘business as usual’ attitude, are the areas where the time to sell is at its lowest.”
| Average time to sell based on the first listing online to the point the property is marked sold by the Land Registry. | |
| Great Britain – All | |
| Location | Average Time To Sell (days) |
| City of London | 409 |
| Islington | 402 |
| Eden | 401 |
| Copeland | 394 |
| Ceredigion | 392 |
| Pembrokeshire | 350 |
| Bournemouth | 324 |
| East Devon | 319 |
| Merthyr Tydfil | 316 |
| Carmarthenshire | 315 |
| Barnet | 313 |
| Lambeth | 307 |
| Richmond upon Thames | 305 |
| Kensington and Chelsea | 305 |
| Tower Hamlets | 301 |
| Enfield | 299 |
| Gravesham | 296 |
| Hammersmith and Fulham | 296 |
| Epping Forest | 295 |
| Kingston upon Thames | 293 |
| Great Britain | 247 |
| Data Source: GetAgent.co.uk (all sales listed and sold between January 2019 and now. | |
| London Only | |
| Location | Average Time (listing SSTC/under offer in days) |
| City of London | 409 |
| Islington | 402 |
| Barnet | 313 |
| Lambeth | 307 |
| Richmond upon Thames | 305 |
| Kensington and Chelsea | 305 |
| Tower Hamlets | 301 |
| Enfield | 299 |
| Hammersmith and Fulham | 296 |
| Kingston upon Thames | 293 |
| London | 286 |
| Data Source: GetAgent.co.uk (all sales listed and sold between January 2019 and now. | |
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