Across the UK, homes on the market have been on sale two weeks longer than a year ago on average but properties are selling quicker in one in five town and cities, according to new research.
A year ago homes were on the market for 148 days before being sold but the average is now 162 days, the study from home purchase plan provider Gatehouse Bank shows.
Sales have speeded up the most in Oldham where they have been on the market for 27.7% less time than a year ago while properties in Padstow have been for sale for 56.6% longer.
The next location where days to sale has fallen the most is in Stirling with 114 days, down 24.5%, followed by Sale at 95 days, a drop of 19.5%, then Rotherham down 16.5% to 243 days, and Glasgow, down 16% to 105 days.
After Padstow the next biggest slowdown has been in Woking where homes have been on the market for 50% longer and in Hemel Hempstead properties have been marketed for 48.7% longer.
Homes sell the fastest in Rugby after just 85 days, followed by Sale at 95 days, and Edinburgh at 97 days. In contrast the slowest market is in Aberdeen at 320 days, followed by Sunderland at 279 days and then Durham at 264 days.
‘A slowdown in sales across the country reflects the wait and see approach exacerbated by these marathon Brexit negotiations but it’s not a reality for everyone. Robust demand means buyers across a healthy cross section of Britain are ensuring homes aren’t hanging around for long in relative terms,’ said Charles Haresnape, chief executive officer of Gatehouse Bank.
‘We know that first time buyers are still active and that’s thanks in no small part to stamp duty reliefs and Help To Buy. This is helping to keep the market turning over, not just in the fastest markets but equally so in those areas where a slight slowdown means they are being encouraged to drive a harder bargain,’ he added.
Source: Property Wire