Average time to sell climbs to around 10 months
The average time it takes to sell a property has climbed to 320 days according to the latest data release from the estate agent comparison site, GetAgent.co.uk.
GetAgent.co.uk keeps a comprehensive record of transaction times by monitoring the point at which a property is listed for sale to its entry as sold with the Land Registry. The data shows that between January and June of this year, the average property was taking 320 days to sell, an increase of 2 weeks on 2020 data.
There are regional variations… the North East has seen the largest increase in the time taken to sell a home. The average property in the region took 339 days to sell during the first six months of this year – 38 days longer than the previous six months.
London (+26) and the South West (+19) have also seen some of the largest increases in transaction times.
London also ranks top where the longest current time to sell is concerned. So far this year, the average home has taken 363 days to complete, with the North East (339) and East of England (332) also home to some of the longest property selling times.
Not only is the West Midlands home to the quickest time to sell so far this year, but it’s the only region where the average home is selling in less than 300 days (286).
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“The property market has continued to defy expectations during 2021, fuelled by the government’s decision to extend the stamp duty holiday. Unfortunately, the compromise continues to be an increase in the time it’s taking for transactions to complete.”
“With lengthy delays having already amassed during the latter half of last year, the average time it’s taking for sales to complete has increased by just over two weeks so far in 2021 – although this stretches to over five weeks in the capital.”
|Table shows the time to sell a home during the first 6 months of 2021 and how this compares to the previous six months|
|Location||Average days to sell (July 2020 to Dec 2020)||Average days to sell (Jan 2021 to Jun 2020)||Change (days)|
|East of England||316||332||16|
|West Midlands region||277||286||9|
|Yorkshire and the Humber||296||302||6|
|Data sourced from GetAgent.co.uk based on the point a property is listed online for sale until it is registered as sold with the Land Registry.|