The average time it takes to sell a home in the UK has been revealed to be just over three months, a slowdown on what it was a year ago.
It takes an average of 96 days to sell a home, according to the latest data from Post Office Money, compared to the 91 days it took 12 months previously.
The fastest place to sell has been revealed to be Edinburgh, where it takes just 41 days on average. This is closely followed by Glasgow at 50 days, just over half the average.
Despite London’s reputation as a place where property gets snapped up fast, it fell below the UK average at 111 days. The average cost of a home in the capital is now £483,568, well above the £226,367 national average.
Opportunities for first-time buyers
Other cities that saw houses flying off the market were Bristol (61 days), Stoke-on-Trent (70 days), Manchester (71 days) and Portsmouth (73 days).
The slowest places to sell were Belfast at 119 days and Liverpool at 112 days. After London, other cities that saw longer waiting times for sellers were Swansea (110 days), Hull (101 days) and Newcastle (97 days).
The Post Office believes that the statistics could be helpful for first-time buyers who are prepared to be flexible with location.
Managing director Owen Woodley said: “Against a backdrop of muted but steady increases in house prices across the country and sustained demand from first-time buyers, these movements in time to sell reflect the changes in the number of properties listed for sale in cities across the UK.
“We know from previous research that first-time buyers are taking a flexible approach to finding an affordable home, most especially towards location.”