Rightmove: Time on the market hits five-year high

Time on the market for property listings has hit a five-year high, according to Rightmove.

Data from the portal shows it is currently taking 71 days on average for homes to find a buyer, compared with 57 days last year, the longest at this time of year since 2019. 

Agents report that it is still a very price sensitive market, and buyers are taking their time to find the right home amongst more property choice. 

Carluke in Scotland has been identified as Great Britain’s fastest selling market, according to the research.

The portal reported that sellers in the area are finding a buyer in an average of 24 days.  

Falkirk follows in second place, with homes finding buyers in just 26 days on average, while Larbert takes third place with an average of 27 days to find a buyer. 

Scotland remains the quickest market across Great Britain, finding a buyer in 43 days on average, while Wales takes over from London as this year’s slowest market to find a buyer, with it taking on average 82 days to find a buyer. 

Britain's quickest markets

Swanage in Dorset is the current slowest market, taking an average of 136 days to find a buyer, 83 days longer than last year.

Some of the current slowest markets were coastal hotspots during the pandemic years, such as St Ives in Cornwall, which is second slowest, taking 129 days on average to find a buyer, and Brixham in Dorset where it currently takes 119 days.

Britain's slowest markets

Rightmove’s property expert Tim Bannister said: “As this Spring brings more optimism for movers, it’s important that sellers consider that it’s taking longer to find the right buyer than at this time last year, despite the market being busier. 

“The quickest areas to find a buyer continue to mostly be in Scotland, and it’s only taking two days longer than last year to find a buyer on average across Scotland, compared to two weeks longer on average across Great Britain, highlighting the multi-speed market. Sellers keen to find a buyer as soon as possible this Spring should work closely with their local estate agent, to price accurately for their local area.”