The places where it takes more than three months to sell your home

HOUSES in Swansea and Liverpool take twice as much time to sell compared to Bristol or Edinburgh, new research has revealed.

The research by Post Office Money Mortgages found across the UK, a home will typically sit on the market for 91 days before it is sold.

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Sellers in Bristol and Edinburgh had the least amount of time to wait with homes spending 51 and 53 days on the market, respectively.

In fact, the research compiled by the Centre for Economics and Business Research found the time it takes to sell a home in the Scottish capital has fallen by a quarter over the past year.

But sellers in Swansea or Liverpool typically wait around 100 and 108 days for the property to sell.

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Properties in Brighton and London have seen the biggest increases in the time it takes to sell - with Brighton seeing a 24 per cent rise and and the capital a 20 per cent increase.

It will now take 89 days to sell a home in London - longer than Nottingham, Manchester, Leicester, Leeds, Birmingham, Plymouth or Cardiff.

How long a home takes to sell depends on levels of competition and demand from buyers.

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The average price of a home in the UK rose by 8.7 per cent over the last year – but the report has shown a fall in both demand and supply.

And the situation is only going to get bleaker in the run up to the New Year, the Post Office said.
John Willcock, head of mortgages at Post Office Money, said: “House prices continue to rise across the country but eager sellers should remember that this might not be any guarantee of a successful sale.

"The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market. Even property hotspots such as London are not necessarily guaranteed to sell quickly.”

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He continued: "Despite these rising prices, our report indicates that the housing market has slowed recently, with falls in both demand and supply. In part, this reflects the introduction of a stamp duty surcharge on second homes at the beginning of April.

“In the final months of 2016 and in to the New Year we can expect this slowdown to intensify, with economic uncertainty adding to the current pressures faced across the market. As a result, some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market (as seen in London over the past 12 months).”