Half of homes in Great Britain taking longer to sell than last year amid mortgage volatility
Many buyers wait in hope of better deal, although there are hotspots in Scotland and northern England Half of homes in Great Britain are taking longer to sell than last year as volatile conditions in the mortgage market amid the Iran war prompt buyers to “wait and see” if they can get a better deal, according to a report. As the Middle East conflict continues to unfold, the property platform…
Half of homes in Great Britain are taking longer to sell than they did a year ago, according to a report by property platform Zoopla. The delay in sales is attributed to volatile mortgage market conditions caused by the ongoing Iran conflict. The report revealed that homes in 180 out of the 363 local authorities in England, Scotland, and Wales are experiencing longer sales times.
Although the national average time to sell a home remains at 42 days, a growing regional gap has emerged. The fastest-selling markets are all located in Scotland, with a record low average time to sell of just 11 days in Falkirk. Carlisle and Barnsley in England, along with Falkirk, stand out as the fastest non-Scottish markets, with an average of 23 days each.
Eight local authorities have an average time to sell of two months or more, with Melton in the East Midlands, Westminster in London, and Teignbridge in the southwest leading the list. The surge in mortgage costs and uncertainty surrounding the Iran war have led to a cautious approach among buyers, resulting in prolonged sales durations.
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