The process of selling a property has never been a five-minute job, but in some UK regions it’s now taking longer to sell a home than it did last year. Research undertaken by the team at TwentyEA has found that many sellers now face longer waits to find buyers for their properties than they did in 2018. This national trend shows no sign of disappearing in the near future, however there are distinct variations in regional breakdowns. Let’s take a closer look at how uncertainty is affecting the UK property market in 2019.
The national picture
There is great consistency year on year for the national picture with properties on average just taking just 1 day more to attract a buyer. Delve deeper into regional differences in these sales times though and it becomes clear that the property market has been more affected by the current climate in some areas than others.
Regional differences in property sales times
In the South, we’ve seen a marked difference in the time taken to find buyers. On average it takes one week longer to sell a property in the Southern regions of the UK than it did last year. Vendors can now expect it to take roughly 10 weeks to find a buyer in these counties.
In the Midlands, the situation is far better for sellers. With an average time of nine weeks to find a buyer, the Midlands remains the fastest area for property sales. This nine-week average is equal to the time taken to sell here in 2018, showing a consistency which should instil some confidence in those looking to sell in this region.
In the North of the country, the picture is looking rather different. To find buyers in the UK’s Northern regions take an average of 11.5 weeks. Among the longest in the UK but still an improvement comparing to last year’s average of around 12 weeks. In London vendors are having to wait longer. London properties sales in 2019 are taking a week longer than they were one year ago, bringing the average sale time in London to 11.5 weeks, the same as the North of England.
In Scotland, Wales and Northern Ireland, the situation is much improved. Data collected on sales times in Northern Ireland has revealed an average sale time that is 2.5 weeks faster than it was in 2018. In Scotland, vendors are selling one week faster than they were last year, and in Wales buyers are being found 1.5 weeks faster than they were in 2018.
What can we expect in the future?
Whilst it is certainly taking longer to sell properties in some regions of the UK, the differences in sales times in 2019 when compared to 2018 are not monumental. Recent years have seen a huge impact on the UK housing market, as a direct result of the UK’s decision to leave the EU. With the final terms of this departure yet to be decided, concerns over the property market still loom.
In February 2018, the Bank of England’s governor Mark Carney issued a stark warning to MPs, stating that UK growth is “guaranteed” to fall in the event of a no-deal Brexit. It remains to be seen what impact Brexit will have on house sales in the UK, but a buyers’ market could soon be on the horizon. Sellers coming into the market in the near future will need to be mindful of this, and take the current economic climate into account when pricing their property.
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