The latest research by leading estate agent comparison website, GetAgent.co.uk, has looked at the time it took to sell a home in 2019 and where was home to the longest home selling process in the midst of Brexit induced market uncertainty.
GetAgent.co.uk pulls data from all of the major portals which they then cross-reference with the Land Registry using proprietary algorithms to create a comprehensive record of what is selling, where, for how much and how long it’s taking.
The latest data looks at the total average time to sell a home throughout 2019, from the first day it was listed on the property portals until the day it is marked sold by the Land Registry.
The research shows that on average across the nation, homesellers were seeing their home take 256 days to sell from first listing it online, until the point the sale completed, climbing to 295 in the capital.
This average time increased throughout the year, with it taking 250 days during the first quarter of 2019, having increased 8.5% to 271 days by the final quarter, up 3.3% between Q3 and Q4 alone.
The pocket of the nation that endured the biggest market slowdown was Eden, where the average property sale took 393 days to complete! Westminster was home to the second-longest selling time and 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.
Other areas to make the list of top 20 longest house sales of 2019 include Gwynedd, Kensington and Chelsea, Bournemouth, Lambeth and Malvern Hills.
But it’s not all bad news for UK homeowners and as always, some areas of the market 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 complete. 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.
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“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.
However, as always, the UK property market is a patchwork quilt constructed of many different markets, all acting independently with their own levels of demand and rates of house price growth. So while the average home seller had no choice but to twiddle their thumbs for almost eight and a half months before completing, for many, this happened much quicker.
Looking ahead, 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.”
National and London Average Location Average Time to Sell (days) England & Wales 256 London 295 England and Wales (2019) 2019 Average Time to Sell (days) Quarterly Change Change Q1-Q4 Q1 250 – 8.5% Q2 248 -0.8% Q3 263 5.9% Q4 271 3.3% National Rankings – by fastest time to sell Location Average Time to Sell (days) Nuneaton & Bedworth 191 Torfaen 193 Bromsgrove 197 Trafford 203 Bolsover 204 North East Lincolnshire 204 Stockport 205 Walsall 206 Charnwood 208 Wellingborough 208 Mansfield 209 Redditch 209 Coventry 209 South Staffordshire 211 Wyre Forest 212 South Gloucestershire 212 Tamworth 213 Sedgemoor 213 Broxtowe 213 Harrogate 213 National Rankings – by slowest time to sell Location Average Time to Sell (days) Eden 393 Westminster 390 Ceredigion 388 Islington 373 Camden 333 Copeland 332 Richmond upon Thames 331 Gwynedd 329 Pembrokeshire 324 Kensington and Chelsea 323 Epsom and Ewell 323 Hammersmith and Fulham 322 Barnet 321 Bournemouth 319 Elmbridge 319 Wandsworth 319 Lambeth 315 Haringey 310 Melton 310 Malvern Hills 309 London Rankings – Quickest to Slowest Boroughs Location Average Time to Sell (days) Bexley 230 Barking and Dagenham 235 Newham 247 Havering 258 City of London 268 Waltham Forest 271 Hounslow 274 Hillingdon 274 Ealing 274 Redbridge 276 Hackney 282 Bromley 283 Croydon 284 Enfield 287 Merton 288 Kingston upon Thames 289 Sutton 289 Harrow 291 Greenwich 291 Brent 294 Tower Hamlets 302 Lewisham 303 Southwark 305 Haringey 310 Lambeth 315 Wandsworth 319 Barnet 321 Hammersmith and Fulham 322 Kensington and Chelsea 323 Richmond upon Thames 331 Camden 333 Islington 373 Westminster 390©1999 - Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® - It took the average home seller 256 days to sell in 2019 – here’s where the best and worst spots were across the nation | LandlordZONE.
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