Currently, it is taking longer for homes to find a buyer in Great Britain. At the moment and on a national scale, the average time to sell a home is 71 days. This includes the time it is listed for sale and finding a buyer to finally being marked as sold subject to contract. This is the longest time seen since 2019 and 14 days longer compared to last year.
According to The Guardian, even though there is more activity in the housing market during the first quarter of 2024 compared to last year, this longer average time could mean that house buyers are taking their time to ensure they find the right property for themselves, especially with the increased choices available on the market. This situation is happening alongside the backdrop of rising mortgage rates and affordability issues for certain buyers.
Where Are Houses Selling the Fastest?
You may or may not be surprised, but Scotland is currently the quickest market in the UK. Nine of the top ten fastest locations for finding a buyer are in Scotland, where homes are usually sold more quickly. The average time to find a buyer in Scotland is 27 days.
The town of Carluke is in the countryside in South Lanarkshire and has Great Britain’s quickest-selling market. Properties here are finding a buyer in just 24 days on average. Two other Scottish towns are among the quickest markets – Falkirk is in second place with 26 days and Larbert in third with 27 days.
Upton, Somerset, in the South West of England, is the only English location which made the top 10. The average time to find a buyer is currently 27 days with an average asking price of £349,756.
For those who are looking for a one stop shop for news and information in the housing market, consider a specialist such as https://www.samconveyancing.co.uk/news.
Where Are Homes Taking the Longest to Sell?
In some areas, property markets that experienced high demand during the pandemic, particularly those that are nearer to the coast, are now seeing slower activity.
Swanage in Dorset currently holds the title for the slowest market, taking an average of 136 days to find a buyer. Following closely is St Ives in Cornwall, where properties typically remain on the market for around 129 days. Brixham in Devon rounds out the top three slowest markets, with properties taking approximately 119 days to sell.
What Does This Mean for Me?
If you’re considering selling your home, it’s a good idea to check out the current situation in your neighbourhood to understand how the market is doing and any specific trends.