A new survey has revealed that properties in Bristol and Edinburgh sell the quickest in the UK. On the other hand, those in Swansea and Liverpool are on the market for longest.
The report from the Post Office Money Mortgages reveals that homes in Bristol take an average of 51 to sell, while those in the Scottish capital take 53. However, those in Swansea and Liverpool take over 100 days on average.
Examining the average time a property takes to sell in 20 major cities across Britain, the report revealed that it typically takes 91 days.
House price hotspots Brighton and London have seen the greatest increase in time spent on the market, taking more than 20% longer to sell over the last year. Brighton saw a rise of 24% while London saw an increase of 20%.
Edinburgh has seen the greatest fall, dropping by 25% over the same period.
The report indicates that these movements in time partly reflect the changes in the number of properties listed for sale in these cities. For example, time on the market in Bristol has increased over the last year by 17.5% as strong property price growth has begun to attract extra properties for sale.
Properties in Edinburgh and Bristol sell quickest
With Swansea aside, where prices have remained constant, property prices have increased in each of the cities analysed in the report during the last year. The average price of a property in the UK has increased by 8.7% in the year to June 2016. Despite this, there are indications that the housing market pressure has softened, with falls recorded in demand and supply.
John Willcock, head of mortgages at Post Office Money, said, ‘While house prices continue to rise across the country, for eager sellers it is important to remember that this might not give you the full picture or any guarantee of a successful sale, particularly as the local housing supply responds accordingly. Even property hotspots such as London are not necessarily guaranteed to sell quickly.’
‘Despite these rising prices, our report indicates that pressure on the housing market has softened recently, with falls in both demand and supply. In part, this reflects the introduction of a stamp duty surcharge on second homes at the beginning of April,’ he continued.
Mr Willcock observed, ‘In the final months of 2016 and in to the new year we can expect this slowdown to intensify, with economic uncertainty from the UK’s decision to withdraw from the European Union adding to the current pressures faced across the market.’
‘As a result, some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market as seen in London over the past 12 months,’ he concluded.