Selling or buying a house? Get ready to wait! New data reveals that it now takes over a month longer to buy or sell a house compared to ten years ago. And to make matters worse, more sales are falling through, leaving frustrated buyers and sellers high and dry.
Back in 2014, the average time to complete a house sale was 94 days. Fast forward to today, and that figure has ballooned by 23% to a snail-like 122 days. Even more alarming, the number of sales falling through has jumped by 11.6% over the same period. That’s a staggering 23,243 collapsed deals in 2024 compared to 22,613 in 2014.
The slowdown comes despite the fact that there are actually fewer houses being bought and sold overall. According to property experts ASAP, 1,175,000 homes were sold in 2024. That’s 3.6% fewer than the 1,218,750 transactions back in 2014.
House Prices Still Climbing (But Not Everywhere!)
While sales dawdle and fall throughs soar, house prices continue their upward march – though not as dramatically as in previous years. The average UK house price has climbed by a substantial 53.8% over the last decade, from £185,476 in 2014 to a hefty £285,201 today.
Semi-Detached Homes Still Top the Charts
Semi-detached properties have enjoyed the biggest price surge, with values soaring by an impressive 60.1%. In 2014, the average semi-detached house cost £174,092, but today you’ll need to fork out £278,793.
One-Bed Flats Lag Behind
At the other end of the spectrum, one-bedroom flats have seen the smallest price increases, managing a modest 8.1% rise over the past decade. In 2014, a one-bed flat would have set you back £180,686, compared to £195,390 today.
Four-Bedroom Family Homes See Solid Growth
Meanwhile, families looking for more spacious digs have also seen significant price hikes. The price of a four-bedroom house has jumped by a considerable 48.5%, from £342,099 in 2014 to £508,019 today.
South West Prices Soar, Scotland Lags Behind
Looking across the UK, the South West takes the crown for the most dramatic house price growth, with values skyrocketing by 46.7%. Back in 2014, the average house price in the South West stood at £246,602, but today it’s a cool £361,813.
In contrast, Scotland and the North East have experienced the slowest price growth, both seeing a 10.1% increase over the past decade.
Experts Blame Pandemic for Shaking Up the Market
So, what’s behind these sluggish sales and frustrating fall throughs? Property experts point to the COVID-19 pandemic as a major factor. The stamp duty holiday and the rise of working from home led to a surge in demand for properties outside major cities, pushing up prices and creating bottlenecks in the system.
Technology Not Living Up to its Promise
While there have been advancements in property technology, these haven’t yet translated into faster, smoother sales. In fact, the opposite seems to be true, with sales times increasing and more deals collapsing. This is bad news for everyone involved, particularly estate agents who end up working for free when sales fall through.
If you’re thinking about buying or selling a house, brace yourself for a long ride. Be prepared for potential delays, frustrating setbacks, and a bumpy road to completion.