Wednesday, August 12, 2020
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Average selling time of UK residential property increases

UK residential property

The average selling time of a home in the UK has increased by around three days, a property firm has found

The average time to sell a property in Britain has increased by around three days, a property firm has found.

While it took 47 days on an average to sell a property in September 2018, the duration has now increased to 50 days, Zoopla found. The survey revealed big variations in selling times of properties across Britain.

The property firm has found that homes in Scotland are snapped up nearly three weeks before those in London. The average selling time for a property in Scotland is 19 days faster than one in London.

The survey found that home owners are over-estimating how long it would take for their property to be snapped up. Fifty five percent of home owners believe it would take over two months to sell their home.

Zoopla analysed its own website data to calculate the average number of days it takes for a property to go under offer from being first listed, and compared this to its survey of 3,000 home owners on their expectations around selling a property.

The survey found home owners in Wales are the most pessimistic, with 70.7% anticipating a wait of more than two months. The average selling time in Wales is 55 days.

Home owners in the West Midlands were found to be particularly optimistic, with just under a quarter (24.4%) expecting a quick sale in under a month.

Sellers in the West Midlands may have to wait a bit longer than this, as Zoopla found the average selling time there is 42 days.

Zoopla said pitching the asking price correctly and finding a good estate agent can have a big impact on how long it takes to sell a home.

A spokeswoman for Zoopla, Annabel Dixon said their survey shows big differences in the average amount of time it takes for a property to receive an offer in the UK.

Scottish properties are going under offer in just 39 days on average, almost three weeks faster than London.

Dixon said when selling property, bear in mind that hiring the right agent can make all the difference. They will provide an accurate valuation before starting the sale process, giving the best chance of receiving the best price and helping pave the way for a swifter transaction.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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