The average UK property takes 96 days to sell, according to a new report.
The survey, by Post Office Money and the Centre for Economics and Business Research, examines the average time a property takes to sell in more than 20 major cities across the UK.
Sellers in Scottish cities Edinburgh and Glasgow had the least amount of time to wait, with homes spending 41 and 50 days on the market, respectively.
Cities to the west of the UK were more likely to see a longer wait, with residences in Liverpool and Belfast typically taking 112 and 119 respectively to sell.
The survey defines time to sell as the period from when a property is advertised for sale until it is listed as Under Offer, Sold STC or Sold and its details are removed from the market.
Post Office Money says this means that the exact status of the properties defined as sold may vary slightly between the offer being extended and a contract being signed.
House prices have risen in each of the cities analysed, by an average of 5.0 per cent over the last year.
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Quite a poorly positioned survey, though appropriate to look at this lengthy, emotional process and how it can be reduced. Is the quoted timescale up to when the property details are removed from the market and withdrawn from portals, on completion? I don't think PB et al have the answer to effective reduction in selling times. Au Country Air Rodders! A quality agent will reduce that time by at least 10% through effective communication with all stakeholders in the process, in particular the legal profession. Overall result from a good high street agent-quicker process, less stress, more money in the client's pocket.
"The survey defines time to sell as the period from when a property is advertised for sale until it is listed as Under Offer, Sold STC or Sold and its details are removed from the market." So nothing to do with the conveyancing process between acceptance of the offer and completion.
How did you manage to turn that into an PB bashing? People on here talk about them more than they talk about themselves on LinkedIn, and that impressive - sort of.
Phill
I think PB is on their minds. Not hard to see why!
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