How long does it really take to sell a property in the UK?
Fresh figures show the average time from a home coming onto the market to being marked as Sold STC is still measured in weeks rather than days. However, while many properties do sell, it is worth remembering that only one in two homes (50.9% to be exact) that come to market achieve a sale. The rest are withdrawn unsold, which underlines the importance of pricing correctly from the outset.
Here’s how the average “time to secure a buyer” looks today compared with 12 months ago:
· Scotland: 49 days (was 47)
· Northern Ireland: 78 days (was 81)
· North East: 64 days (was 64)
· North West: 73 days (was 70)
· Yorkshire & Humber: 77 days (was 71)
· West Midlands: 76 days (was 69)
· East Midlands: 81 days (was 76)
· East Anglia: 78 days (was 72)
· Wales: 89 days (was 81)
· South West: 83 days (was 71)
· South East: 81 days (was 73)
· London: 87 days (was 77)
Some regions, such as Northern Ireland, have seen small improvements, but most have slowed, with Wales, London, and the South West now taking noticeably longer to secure a buyer.
This widening gap highlights the need for sellers to be realistic on price. Zoopla recent stated it takes 2.4 times longer to sell a home if it is reduced in priced than one that is realistically prices from day one. A well-priced home not only attracts more interest quickly, it avoids the stagnation of sitting on the market for months, which often leads to reductions and ultimately a lower final figure in your back pocket.
If you would like to chat about where your Frome home stands in the local Frome property market, don’t hesitate to ask for a free, no obligation, market appraisal of your home
