Property News

Homes are Selling Faster in 1 in 5 Areas, Despite Brexit

Em Morley - May 1, 2019

Brexit may be causing some turbulence in the UK property market, but homes are actually selling faster in one in five towns and cities across the country, Gatehouse Bank has found.

Analysis by the home purchase plan provider shows that homes on the sales market have been available for an average of two weeks longer than a year ago (162 days, compared to 148), but this slowdown is absent in 19.6% of locations across the UK.

Gatehouse Bank assessed time on market data from home.co.uk, finding that property sales sped up in 24 of the 122 towns and cities in the survey, with homes for sale in Oldham marketed for 27.7% less time than the previous year on average.

Stirling followed, with a decline of 24.5% in the time to sell, to 114 days on average, while Sale, Greater Manchester, wasn’t far behind, with a drop of 19.5%, to an average of 95 days.

The fastest markets in which to sell a home are Rugby (85 days), Sale (95 days) and Edinburgh (97 days). On the other end of the spectrum, the most sluggish are Aberdeen (320 days), Sunderland (279 days) and Durham (264 days).

The greatest slowdown was recorded in Padstow, where homes have been on the market for an average of 56.6% longer than a year ago – 238 days. Homes in Woking have been on the market for 50% longer, while marketing a Hemel Hempstead property has increased by 48.7%.

Charles Haresnape, the CEO of Gatehouse Bank, says: “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.”

He continues: “We know that first time buyers are still active, and that’s thanks in no small part to Stamp Duty reliefsand 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.”