Homes in London took twice as long to sell as those in Scotland last year
it took twice as long to sell a house in London compared to Scotland in 2023, according to property website Zoopla.
Zoopla reported that the average sale took 34 days from when the property first hit the market to when a sale was agreed, subject to contract. The time it took to sell varied from 20 days in Scotland to 40 days in London.
This difference is mainly due to how affordable houses are and the effect of higher mortgage rates on buying power in areas with high house prices, according to Zoopla. However, it also noted that recent drops in mortgage rates have especially increased activity in southern England, particularly London.
Homes took about two weeks longer to sell last year than in 2022, when the average time was just 20 days. After a sale has been agreed, it can take another three to six months before someone gets the keys to their new home.
Zoopla said this year has started strong so far, with buyer demand around 11% higher than a year earlier. This figure covers demand in the four weeks to February 7, 2024 compared with the same period in 2023.
8 money changes coming in February including Universal Credit and passport fees
Demand was defined as potential buyers contacting agents to inquire about and arrange viewings for properties listed on Zoopla, by filling in forms on its website. The website has also seen an increase in the number of new homes being listed for sale. Zoopla has revealed that the number of new homes for sale is 10% higher than last year, the highest since 2020.
Here's how long it took on average to sell a house in different parts of the UK last year (Source: Zoopla)
Scotland, 20 days
North East, 30 days
North West, 31 days
West Midlands, 32 days
Yorkshire and the Humber, 32 days
South West, 34 days
Wales, 35 days
Eastern England, 37 days
Big Four banks made £20billion in 9 months as households battled interest rates
East Midlands, 38 days
South East, 38 days
London, 40 days
(PA Wire/PA Images)Read more similar news:
Comments:
comments powered by Disqus
