Average Home 'Now Taking 96 Days To Sell'

17 November 2017, 07:18

house for sale

House sellers can expect their property to take just over three months to sell, according to a report.

While the average UK home takes 96 days to sell, up from 91 days a year ago, properties in the Scottish cities of Edinburgh and Glasgow were found to typically spend around half this time on the market before being snapped up, at 41 days and 50 days respectively.

Post Office Money released the findings after commissioning the Centre for Economics and Business Research (Cebr) to look at average selling times across a selection of UK towns and cities.

It found that homes in Liverpool and Belfast take the longest to sell, at 112 days and 119 days respectively.

Homes in London are also taking longer to sell than the average across the urban areas analysed, at 111 days typically.

House prices have risen in each of the cities analysed in this report over the last year, by 5% on average.

Owen Woodley, managing director of Post Office Money, said: "If a sale moves faster, or takes longer than planned, buyers can face unexpected costs."

Here are Post Office Money's top tips for home-buyers:

1. If you are buying in an area with a slower sale rate, an ability to move faster may provide an opportunity to negotiate with the current owners on the house price.

2. Think ahead about what stop-gaps such as renting or staying with friends are most financially viable to you if you are in a chain - particularly if sales in your area tend to complete faster than where you are moving to.

3. Use average sale rates to help plan for extra costs if your home takes longer to sell than expected. Paying council tax, home insurance and service charges on two properties can quickly add up.

4. If you are currently renting, discuss options with your landlord - just in case you need to stay longer than planned in your rental property.

Post Office Money also has tips for sellers, from NAEA (National Association of Estate Agents) Propertymark:

1. First impressions are key, so make sure the property looks well-maintained and cared for from the outside.

2. Anything too personalised can be a turn-off, so keeping colours neutral can help.

3. Clear your garden of any litter and make sure the lawn is mowed, leaves are raked away, weeds are removed and overgrown trees are cut back.

4. Giving your kitchen a quick freshen-up is a cost-effective way to improve the appearance of your home. Giving cabinets a quick lick of paint, or replacing the doors and handles can bring instant appeal.

Here are the average selling times of properties in major cities across the UK, and the average house price, according to Post Office Money:

Edinburgh, 41 days, £246,611

Glasgow, 50 days, £125,634

Bristol, 61 days, £277,243

Stoke-on-Trent, 70 days, £104,250

Manchester, 71 days, £166,982

Portsmouth, 73 days, £200,551

Nottingham, 74 days, £134,658

Leicester, 76 days, £161,616

Plymouth, 76 days, £171,921

Birmingham, 77 days, £175,943

Leeds, 77 days, £176,015

Southend-on-Sea, 78 days, £276,602

Norwich, 83 days, £200,581

Sheffield, 83 days, £158,343

Brighton, 84 days, £365,601

Cardiff, 86 days, £196,625

Derby, 86 days, £151,722

Newcastle, 97 days, £162,876

Hull, 101 days, £110,427

Swansea, 110 days, £140,661

London, 111 days, £484,362

Liverpool, 112 days, £126,862

Belfast, 119 days, £120,351