Putting your home up for sale? It's likely to take 91 days to sell

26 October 2016
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It takes just three months (91 days) to sell a typical property in the UK, new research has revealed.

And if you’re selling a home in Bristol or Edinburgh, it can be even faster – at 51 and 53 days respectively, according to Post Office Money Mortgages.

Its City Rate of Sale Report 2016, which examines the average time a property takes to sell in 20 major cities across the UK, found that homes in Swansea and Liverpool take the longest to sell, at 100 and 108 days respectively.

 

Meanwhile, homeowners in Brighton and London have found that their properties are on the market for longer. It takes 89 days to sell a property in the capital and 72 days in Brighton – 20% and 24% longer than a year ago, respectively.

In contrast, homes in Edinburgh not only take on average just 53 days to sell, but this is 25% faster than a year ago.

While Bristol is the quickest selling city in the UK, it is still taking 17.5% longer to sell a property than a year ago. The report puts this down to strong house price growth, which has led to more properties up for sale.

The report found that house prices have risen over the year in 19 of the 20 cities it analysed – the exception being Swansea, where prices have remained static. It puts the average UK annual house price growth at 8.7% to June 2016.

 

John Willcock, head of mortgages at Post Office Money, says: “House prices continue to rise across the country, but eager sellers should remember that this might not be any guarantee of a successful sale. The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market. Even property hotspots such as London are not necessarily guaranteed to sell quickly.”

CityAvg. time to sell (90 days to 15/09/16)% change year on yearAvg. house price, June 2016
Bristol117.50%£252,107
Edinburgh53-25%£240,978
Glasgow56-24.10%£117,795
Southend650%£249,141
Portsmouth67-4.50%£190,579
Derby69-1.30%£144,543
Sheffield71-2.50%£148,551
Brighton7223.60%£342,959
Norwich723.10%£190,883
Nottingham74-12.80%£122,772
Manchester77-22.70%£149,722
Leicester79-5.60%£147,914
Stoke-on-Trent791.20%£102,877
Leeds80-5%£166,303
Birmingham80-15.50%£159,732
Plymouth807.90%£165,442
Cardiff87-3.40%£189,417
London8920.30%£472,204
Newcastle96-0.90%£154,477
Belfast963.90%£118,894
Hull98-0.12102079
Swansea100-0.087133458
Liverpool108-0.107119933

 

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