Recent data from Zoopla reveals that half of the UK’s property markets are experiencing longer selling times compared to a year ago. While the national average time to sell a home has held steady at 42 days over the past year, this overall figure conceals significant differences across local markets.
Out of 363 local authorities across England, Scotland and Wales, 180 have seen an increase in the average number of days it takes to sell a property. Notably, eight areas now require 60 days or more to find buyers, indicating slower market activity in those locations. Conversely, 145 local markets have recorded improvements, selling homes more quickly than before.
Zoopla attributes some of the market slowdown to elevated mortgage interest rates since the start of the year. These higher rates have increased the cost of buying homes, leading many prospective purchasers to adopt a cautious, wait-and-see approach.
Richard Donnell, Executive Director at Zoopla, commented on these trends: “While the national time to sell has barely changed, there is a clear divide emerging between local markets. In places such as Melton, Leicestershire, properties are taking noticeably longer to sell compared to a year ago, whereas markets nearby are moving faster.”
He advised sellers in slower markets not to delay but to engage with local agents familiar with neighbourhood trends. “Ensuring your home is correctly priced from the outset remains the single most important factor within a seller’s control, regardless of local market conditions,” Donnell added.
David Hollingworth, Associate Director at L&C Mortgages, told Mortgage Introducer that borrowers currently face challenges in making informed decisions amid ongoing uncertainty. “Greater stability would greatly assist buyers and sellers alike. Until then, it’s difficult for customers to fully understand the changing dynamics,” he explained.
Hollingworth further noted that predicting interest rate movements remains challenging without a sustained period of stability and geopolitical calm, conditions that are not yet in place.