The average time it took a home to sell last year - measured from its first day listed on a portal until it was sold as marked by the Land Registry - was 256 days.
The figure has been produced by comparison website GetAgent which says that in London the average time was even longer - 195 days.
This average time increased throughout the year; it was 250 days during the first quarter of 2019, increasing to 271 days by the final quarter.
The pocket of the nation that endured the biggest market slowdown was Eden in Cumbria, where the average property sale took 393 days to complete; Westminster was home to the second-longest selling time (and the worst in London) taking 390 days to complete.
Ceredigion ranks as the slowest market in Wales with the average sale dragging out for 388 days, while homeowners in Islington (373), Camden (333), Copeland (332) and Richmond (331) also saw their sale take longer than 330 days.
Some areas defied wider market conditions to enjoy much shorter selling times.
The best in the nation was Nuneaton and Bedworth, where the average property took just 191 days from first listing online to completion. Torfaen was the best performing market in Wales with homes selling in 193 days on average, while Bromsgrove in the Midlands ranked third at 197 days.
Other areas to see the time to sell sit below 210 days include Trafford, Bolsover, North East Lincolnshire, Stockport, Walsall, Charnwood, Wellingborough, Mansfield, Redditch and Coventry.
In London, Bexley (230), Barking and Dagenham (235) and Newham (247) were home to the quickest home sales of 2019.
“It’s clear that the ongoing market uncertainty surrounding Brexit had a direct impact on selling times across the nation over 2019, increasing almost consistently throughout the year and culminating with the longest selling times seen all year, due to a combination of pre-election angst and a seasonal market slowdown in the final quarter of the year” explains GetAgent founder and chief executive, Colby Short.
“It’s now clear that December’s election result has spurred an almost immediate market revival and with high levels of activity returning on both the buyer and seller side of the fence, growing momentum should see the time taking to sell reduce substantially over the coming year.”
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This is a bit of a vanilla report really. It would be far more useful to drill down to segments, ie time from going on market to going under offer, and from going under offer to exchange etc. Average time in my office from sale agreed to exchange last year was a shocking 74 data! That’s over 2.5 months.
This is the exact issue that needs addressing with tech solutions. My fear is the large number of stakeholders involved don’t all want to play ball.
Exactly right.
“Land Registry sold”, do these figures therefore include the 90 days after completion to appear upon LR public view? If they do then these numbers aren’t unrealistic. Not necessarily an agency issue this at all though as most sold property spends longer from sstc to completion with conveyancers than with the agent themselves? Too long though is quite right. With cash flow now critical (as if it wasn’t before) then unnecessary delays anywhere should be addressed to keep the wheels turning.
....and here-in lies the nonsense of advice on value systems. evem the most recently reported completions at land registry were completed before CV19 took hold, they were sales agreed months before that and listed months before that and valued before that again.
As we've all been reminded a lot can happen in a month so the valuation lag inherent in valuation modelling needs to be considered in the light of the market of the time and circumstance
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