Homes in London took twice as long to sell as properties in Scotland last year, according to new figures from Zoopla.
Houses and flats for sale in the capital were on the market for an average of 40 days in 2023 – compared to 20 days north of the border, the property listings website said.
Properties in Wales were available for an average of 35 days, while the typical timespan was 32 days for a home in both the West Midlands and in Yorkshire and the Humber.
Across Britain as a whole, Zoopla said the average property was on the market for 34 days – defined as from the time it was first made available to when a sale was agreed, subject to contract.
Once an agreement on price has been reached, it can typically take many more months before all the paperwork is completed and a buyer gets the keys to their new home.
However, the figures still give an insight into activity in the sector in 2023 – and show that properties took around two weeks longer to sell on the market than in the previous year.
In 2022 the average home was available for 20 days before a sale was agreed, according to the research.
Average numbers of days it took to sell a home in 2023
Scotland – 20
North East – 30
North West – 31
West Midlands – 32
Yorkshire and the Humber – 32
South West – 34
Wales – 35
Eastern England – 37
East Midlands – 38
South East – 38
London – 40
*According to Zoopla
It came amid a downturn for the housing market in 2023 as high mortgage rates dampened demand and prices.
However, the sector appears to have been picking up in recent months, helped by lenders cutting mortgage rates amid expectations that the Bank of England will cut interest rates later this year as inflation falls.
Zoopla said the regional differences in 2023 were primarily a reflection of affordability and the impact of higher mortgage rates on buyers in markets with higher house prices.
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The property website also said that recent falls in mortgage rates appear to have helped boost activity in southern England, particularly London, in 2024 so far.
Figures for the four weeks to 7 February show buyer demand – such as requests for viewings – was up 11% on the same time period a year earlier, Zoopla said.
https://news.sky.com/story/homes-in-london-took-twice-as-long-to-sell-as-properties-in-scotland-last-year-13072478
