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.”
|City||Avg. time to sell (90 days to 15/09/16)||% change year on year||Avg. house price, June 2016|