The average time to sell a home has hit 247 days, the latest research from GetAgent.co.uk has found.
GetAgent.co.uk pulled 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 data that the City of London is currently the slowest market in Great Britain taking 409 days to sell, however in the real world, well sort of, Islington is the next slowest market at 402 days to sell a home from start to finish.
Eden in Cumbria is the slowest market outside of London where homes are also taking 401 days to sell.
Sellers in Copeland are having to slog it out for 394 days in order to sell, while Ceredigion (392) and Pembrokeshire (350) are home to the biggest market freezes in Wales.
Bournemouth is home to the biggest market freeze in the South West with properties taking an average of 324 days to sell, followed by East Devon (319) and Merthyr Tydfil (316)
Colby Short, founder and CEO of GetAgent.co.uk, said: “The time to sell and reductions in asking price often go hand in hand and unfortunately for those in Bradford, the city is picking up a number of undesirable accolades of late should you be looking to sell a home.
“However, when prices start to drop this often indicates that property is priced to high for current conditions, and by reducing expectations, the speed at which homes enter and exit the market should start to reduce.
“It’s tough out there at the moment, and now more than ever, home sellers should approach a sale with a clear head and realistic expectations, leaving any emotional attachment behind if they are serious about shifting their property.”