Recent data indicates that the time required to sell a house nationwide has marginally decreased. Over the past year, the average duration from listing a property to completing its sale has nudged down from 241 days to 240 days—a minor reduction of 0.7%. This figure, at a glance, suggests stability in the national market. However, when diving into the specifics of various local areas, the story changes significantly.
Local Markets Experience Extremes
Yopa has released new internal data from over 150,000 property transactions, revealing considerable fluctuations in local markets. While the national average shows little change, certain districts have seen dramatic accelerations or slowdowns in selling times.
Accelerated Sales in Some Regions
Notably, some regions have experienced substantial decreases in the time it takes to sell a property. In Hampshire’s Test Valley, for example, the average selling period plummeted from a lengthy 1,045 days to just 216 days—a staggering 79.3% decrease. Similarly impressive reductions have occurred in other districts:
- Wycombe, Buckinghamshire: From 687 days down to 249 days.
- Chichester: Reduction to 185 days from 613 days.
- South Somerset: Now at 232 days, down by 402 days.
- Lancaster: Marked a sharp decline to 98 days from 474 days.
These figures suggest that in some areas, properties are moving from listing to completion at a pace previously unseen, making places like Lancaster and the Vale of White Horse in Oxfordshire (with a record-low average of 88 days) highly desirable for sellers seeking quick transactions.
Decelerations in Others
Conversely, some localities have faced severe slowdowns:
- Forest Heath, Suffolk: A dramatic increase to 595 days, up by 451 days from the previous year.
- Warwick: Now taking 552 days, up by 326 days.
- Ribble Valley, Lancashire: Increased by 312 days.
These areas are experiencing prolonged selling periods, highlighting challenges in the property market that may deter potential sellers.
Insights from Yopa’s CEO
Verona Frankish, CEO of Yopa, offers insights into these trends. She notes the peculiarities of the current market, where despite a general slowdown, areas with successful sales are seeing streamlined processes. “It’s been a strange few years for the UK property market,” Frankish comments. She adds that although some regions are witnessing delays due to cooling market conditions and difficulties in finding buyers, the overall selling process—from accepting offers to completion—has improved significantly where sales do occur.