Some buy-to-let landlords are being driven out of the market by the government’s tax crackdown as growing numbers struggle to make money from rentals, but how long does it actually take to sell a property?
From property type to regional variations, there are naturally a range of different factors at play when buying and selling a home, which means that there are huge differences in how long it takes.
But according to new research from Rightmove, the average time to sell a property across Great Britain has increased to 77 days, up from 72 days in 2018, based on a property being first listed on Rightmove until it is marked as under offer or sold subject to contract by an agent.
According to the data, Livingston is where homes are selling quickest. On average, it takes just 35 days for properties to get snapped up in the West Lothian town.
Redditch in the West Midlands is home to the fastest-selling market in England, with properties in the Worcestershire town selling in 45 days, on average.
Gloucester in the South West and Wellingborough in the East Midlands are the second and third quickest-to-sell locations in England, although homes in Gloucester are taking two days longer to sell than they were this time last year.
Kettering and Coalvile, both in the East Midlands, rank fourth and fifth respectively.
The top 10 is completed by Leamington Spa in the West Midlands, Sale in the North West, Coventry in the West Midlands, Newport in Wales and Runcorn in Cheshire.
In fact, Runcorn offers the fastest-moving property market outside London compared with a year ago, with the average home selling in 48 days.
Towns in the North West are where sellers have seen the biggest improvements from last year, with Burnley, Morecambe, Widnes, Lancaster and Oldham all cutting their selling time by at least 14 days.
Miles Shipside, Rightmove’s commercial director and housing market analyst, said: “This analysis reflects what agents have recently been telling us, and what we saw in Rightmove’s House Price Index – that more northerly regions are faring better in terms of pricing power and willingness to move than those farther south.
“Agents report that properties in the North West are seeing positive market conditions with strong demand from buyers. Once again improvements in local-level infrastructure is a key factor, with the top areas benefiting from better transport links to bigger city centre employment hubs.”
Full Article: https://www.landlordtoday.co.uk/breaking-news/2019/2/the-average-time-it-takes-to-sell-a-property-revealed