Average property takes 91 days to sell

The average UK property takes 91 days to sell, according to figures from Post Office Money Mortgages.

A study, the City Rate of Sale report, which examines the average time a property takes to sell in 20 major cities across the UK, found that sellers in Bristol and Edinburgh had the least amount of time to wait, with homes spending 51 and 53 days on the market respectively.

But vendors in Swansea and Liverpool have the longest wait, with a typical property taking 100 and 108 days respectively to sell.

Using data from Home.co.uk, Post Office Money found Edinburgh has seen the biggest fall in the typical time properties have spent on the market over the past year – with the average home taking 25% less time to sell compared to last year.

In contrast, the housing markets in Brighton and London are more sticky than a year ago.

In Brighton the average property takes 24% longer to sell at 72 days, while in London the figure is up 20% to 89 days.

John Willcock, head of mortgages at Post Office Money, said: “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.”

Tax saving guides – Property, Inheritance, Income
Save £1000s on your mortgage
Save over £500 on Gas and Electric
Free Unlimited Broadband

Written by: Houseladder