Glasgow: One of the better places to sell a property.
Most of us have watched Homes Under The Hammer and Location, Location, Location pondering the world of buying and selling, but new research shows that some areas of the UK have real problems when it comes to making a house sale.
The findings show that if you want a quick house sale, don’t go to Oxford! Properties take an average of 152 days to sell, the slowest area in the UK with 51 days longer than average for a buyer to make a firm offer.
Sunderland has the longest listed property in the UK – it has been on the market for 4,060 days (since 22/07/2009) while surprisingly, houses in London are left on the market for 138 days on average, making it the fifth-worst city.
It isn’t all glum faces though with those wishing to sell their house in Edinburgh having much more success as this location will give you the quickest sale – just 45 days on average! Scotland’s other major city, Glasgow, also yields a quick house sale, with only 47 days taken on average.
With stamp duty axed until April 2021 and the housing market steadily reopening, the UK’s property market has enjoyed a mini-boom. Experts suggest this won’t last long and the jury’s out on whether or not it is good time to sell. So, does where you reside affect how easily you’ll be able to move home? Online Mortgage Advisor sought to find out.
Analysing Post Office Money Mortgages’ ‘The City Rate of Sale Report’ plus house listings across the UK on Rightmove, they can reveal which areas of the UK have homes left on the market the longest!
Homes in Middlesbrough take the second-longest time to sell. Despite their low property prices, houses here are listed for 48 days longer than the UK average (149). Slough is in the third position with average listing times of 148 days, followed closely by Blackpool in fourth with an average of 146 days on the market.
Other locations to make the ten slowest-selling areas include Lincoln – average time on market: 127 days, Newcastle upon Tyne – average time on market: 121 days and Bournemouth – average time on market: 115 days.
Mortgage Advisor Methodology:
*The average time taken for a property to sell in the UK by each city was obtained through analysis of Post Office Money Mortgages’ The City Rate of Sale Report. Using this data, the average time for properties to sell across the UK was also calculated as 101 days. Properties having the oldest listing date (and therefore being on the market for the longest) were obtained through Rightmove’s property listings. Data was obtained on 02/09/20 and is accurate as of then.
Data researched by Online Mortgage Advisor