Homes in London took twice as lengthy to promote as properties in Scotland final 12 months, in line with new figures from Zoopla.
Houses and flats on the market within the capital had been available on the market for a mean of 40 days in 2023 – in comparison with 20 days north of the border, the property listings web site stated.
Properties in Wales had been obtainable for a mean of 35 days, whereas the everyday timespan was 32 days for a house in each the West Midlands and in Yorkshire and the Humber.
Across Britain as an entire, Zoopla stated the typical property was available on the market for 34 days – outlined as from the time it was first made obtainable to when a sale was agreed, topic to contract.
Once an settlement on worth has been reached, it will probably usually take many extra months earlier than all of the paperwork is accomplished and a purchaser will get the keys to their new house.
However, the figures nonetheless give an perception into exercise within the sector in 2023 – and present that properties took round two weeks longer to promote available on the market than within the earlier 12 months.
In 2022 the typical house was obtainable for 20 days earlier than a sale was agreed, in line with the analysis.
It got here amid a downturn for the housing market in 2023 as excessive mortgage charges dampened demand and costs.
However, the sector seems to have been choosing up in latest months, helped by lenders slicing mortgage charges amid expectations that the Bank of England will lower rates of interest later this 12 months as inflation falls.
Zoopla stated the regional variations in 2023 had been primarily a mirrored image of affordability and the influence of upper mortgage charges on patrons in markets with greater home costs.
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The property web site additionally stated that latest falls in mortgage charges seem to have helped enhance exercise in southern England, notably London, in 2024 thus far.
Figures for the 4 weeks to 7 February present purchaser demand – comparable to requests for viewings – was up 11% on the identical time interval a 12 months earlier, Zoopla stated.
Source: information.sky.com”