Typical time on the market falls for unsold property across the UK
The typical time for an unsold property to spend on the market has fallen by 80% since May 2009. The typical time for an unsold property to sell in May 2009 was 184 days. That figure has fallen to 102 days according Home.co.uk.
The reduction in time is subject to significant regional variation, with Greater London and the South East selling properties after around 70 days on the market. The North East however, sits at the other end of the scale with properties taking around 198 days to sell.
The fall in time taken for properties to sell will release work from abeyance and will generate more active work for conveyancers. As average property prices begin to recover and the typical time of unsold properties falls it suggests a positive turn for the property market.
The director at Home.co.uk, Doug Shephard commented:
"Whilst marketing times are notoriously seasonal, the time taken to sell property is an important indication of the real health of the local market. This vital signal provides estate agents, buyers and vendors alike an insight into the fluidity of local markets and their ability to drive transactions.
The dynamic markets of London and the South East continue to enjoy the shortest selling times, but it is encouraging to note that other areas of the country are seeing the largest falls. One cannot underestimate the boost to vendor confidence that is gained by taking 3-4 weeks off the selling time. In turn, this puts more pressure on the seller to commit to the purchase of their next home, and creates a positive impact throughout the entire property chain."