Homes taking longer to sell in hundreds of UK areas as property market divides

More than half of homes in England and Wales are taking longer to sell this summer due to higher mortgage rates, claims Zoopla.

Data from the property portal reveals homes in 180 of 363 local authorities are taking longer to sell this summer, with eight taking two months or longer on average.

However, the national average time to sell hasn’t changed, remaining at 42 days, showing a widening regional gap.

60 days or longer to find a buyer

According to Zoopla, around half of councils across England, Scotland and Wales have seen an increase in the number of days it takes to sell the average property over the past year, with eight areas where sellers are now taking 60 days or longer to find a buyer.

This is led by Melton in the East Midlands, where it now takes 76 days to sell the average home.

Westminster in London and Teignbridge in the South West are also among the three slowest-selling markets, with the average home taking 63 days to sell in each.

Westminster’s slower sales pace reflects the capital’s higher buying costs and house prices, while in Teignbridge, longer selling times are attributed to higher council tax levels in second-home hotspots and greater choice for buyers.

Outside Melton, markets in southern England make up the entirety of the top 10 slowest-moving markets. North East Lincolnshire is the first area outside southern England to appear, ranking as the 17th slowest market in Great Britain.

The data finds higher average mortgage rates compared to the start of the year have added to buying costs more broadly and led to a ‘wait and see’ approach for more buyers, lengthening the time it takes to find a buyer across many regional and local housing markets.

Don’t take a wait-and-see approach

Richard Donnell, executive director at Zoopla, said sellers in slower markets should not take a wait-and-see approach.

He said: “While the national time to sell has barely moved, that stability is masking a real divide opening up between local markets. In areas like Melton in Leicestershire, homes are taking noticeably longer to sell than a year ago, while markets just a short drive away are speeding up.

“If you’re selling in a slower market, don’t take a wait-and-see approach. Talk to a local agent who knows what’s happening street by street, and make sure your home is priced right from day one. That’s still the biggest factor within a seller’s control, whatever the local market is doing.”

Clear regional gap across the UK

However, there is a clear regional gap across the UK, with homes in Scotland selling faster. The 10 fastest-selling markets are all in Scotland, led by Falkirk, where the average property sells in just 11 days.

This is followed by Renfrewshire and North Lanarkshire, where homes take 13 days to sell on average. It is not until 20th place that a non-Scottish market appears, with Carlisle and Barnsley the fastest-selling markets in England, at 23 days each.