Average house sale in 2019 took 256 days

by Property 118

13:55 PM, 29th January 2020
About 9 months ago

Average house sale in 2019 took 256 days

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Average house sale in 2019 took 256 days

It took the average home seller 256 days to sell in 2019. The latest research by 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 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

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Comments

Richard Adams

12:50 PM, 30th January 2020
About 9 months ago

It has been noticeable to me in recent years how the "legals" in sales have seemed to be strung out by solicitors even in straightforward transactions. I don't wish to take a swipe at solicitors but wonder if this is a contributory factor?

DALE ROBERTS

15:04 PM, 30th January 2020
About 9 months ago

Absolutely.
The buyer's solicitor in the sale of my unit presented my solicitor with an unprecedented 52 queries - the vast majority of them repetitive, menial and trivial. Nevertheless we, the sales agent, the managing agent and my solicitor had to provide answers to the same tedious queries.
And the above statistics don't present as reality. My empty London unit took 16 month from first sale advert to completion. Sales agents "refresh" the sale date regularly to present properties as newly listed.


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