The property coldspots where it takes longest to sell
It’s takes an average of 247 days to sell a home across Great Britain, according to GetAgent.co.uk.
The estate agent comparison site looked at the total average time to sell, from the first day a home is listed until the day it’s marked sold by the Land Registry.
The slowest market is the The City of London where it takes a whopping 409 days to sell, closely followed by Islington at 402 days to sell a home from start to finish.
Outside of London, Eden in Cumbria is the slowest market where homes are also taking over 400 days to sell, at 401.
Sellers in Copeland are having wait 394 days to sell, while Ceredigion (392) and Pembrokeshire (350) are home to the biggest market freezes in Wales.
Bournemouth is home to the property coldspot 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, said: “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.”
Top 10 property coldspots
The following areas are experiencing the slowest markets, with property taking the longest time to sell:
- City of London – 409 days
- Islington – 402 days
- Eden – 401 days
- Copeland – 394 days
- Ceredigion – 392 days
- Pembrokeshire – 350 days
- Bournemouth – 324 days
- East Devon – 319 days
- Merthyr Tydfil – 316 days
- Carmarthenshire – 315 days