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Homes now take longer to sell in eight out of 10 areas

Christina Hoghton
Written By:
Christina Hoghton

In some markets, it can take an average of over 300 days for a home to sell, as buyers remain cautious

Properties are taking longer to sell than they were a year ago in 78.7% of markets, according to research by Gatehouse Bank.

It found that, across the UK, homes on the market have been on sale for two weeks longer than a year ago (162 vs 148 days) but the slowdown is absent in 19.6% of areas.

In fact, property markets sped up in 24 of the 122 towns and cities in the survey, with properties for sale in Oldham marketed for 27.7% less time than a year earlier on average.

The area where homes sell most quickly is Rugby, where it takes just 85 days, followed by Sale in Greater Manchester, (95 days) and Edinburgh (97 days).

Selling at a snail’s pace

The most sluggish housing markets are Aberdeen (320 days), Sunderland (279 days) and Durham (264 days).

Plus, some areas have seen a dramatic slowdown over the last 12 months. Homes in Padstow have been on the market 56% longer than a year ago, now taking an average 238 days to sell, Woking 50% longer and Hemel Hempstead 48.7% longer.

Charles Haresnape, CEO of Gatehouse Bank, said: “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.

“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 new blood 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.”