Research by property website Zoopla shows that the typical UK property was on the market for an average of 34 days in 2023, which was around two weeks longer than in 2022.
by Daniel Binns, business reporter
Friday 16 February 2024 04:30 UK
Homes in London took twice as long to sell last year compared to properties in Scotland, new figures from Zoopla show.
The average selling time for a house or apartment in the capital was 40 days in 2023, compared to 20 days north of the border, according to the real estate listing website.
Properties in Wales were available for purchase for an average of 35 days, while for homes in the West Midlands, Yorkshire and the Humber, the typical time frame was 32 days.
Across the UK, the average property stays on the market for 34 days (defined as being subject to contract and first available, until a sale is agreed), according to Zoopla.
After a price is agreed upon, it can usually take many more months for all the paperwork to be completed and the buyer to receive the keys to their new home.
However, the figures still provide insight into the sector’s activity in 2023, showing that it took around two weeks longer for properties to come on the market than in previous years.
Research shows that in 2022, the average home will be vacant for 20 days before a sale is agreed.
it came in the middle The housing market will be sluggish in 2023 as high mortgage interest rates Controlling demand and prices.
However, the sector appears to be recovering in recent months. Lenders lower mortgage rates Amid expectations that the Bank of England will cut interest rates Interest level later this year inflation drop down.
Zoopla said regional differences in 2023 primarily reflect affordability and the impact of rising mortgage rates on buyers in markets where home prices are rising.
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This is what it says on the property’s homepage: Recent decline in mortgage interest rates So far, it appears to be helping to boost activity in the south of England, particularly London, in 2024.
Zoopla said its figures for the four weeks to February 7 showed buyer demand, including viewing requests, rose 11% year-on-year.