Contributed by GetAgent
18/10/2019 - GetAgent
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 geographical location of the longest selling process, as Brexit uncertainty continues to bring about a market freeze. According to their data it is currently taking an average of 247 days to sell a home across Great Britain.
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 other statisticians.
Across London, 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. The City of London and Islington properties are even exceeding 400 days, the slowest market areas in Great Britain (409 days in the City and Islington 402.)
Eden in Cumbria is the slowest market outside of the London bubble where homes are also taking over 400 days to sell (401) and 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)
Founder and CEO of GetAgent.co.uk, Colby Short, 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.”
GetAgent is a Which? recommended company and further comparison data can be found on their website.
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