In the recent changes of the market trends of today’s time, it has been observed that the average time frame for any home to be sold has now increased to over 300 days in nearly eight out of ten areas and the primary cause for the same has been attributed to the increased cautiousness of the buyers on the different factors to be considered while purchasing the same.
As per the research conducted by Gatehouse Bank, it has reported that the properties are taking longer duration to be sold in the market than it was about a year ago in nearly 78.7 percent of the markets and across a large number of households of UK, the homes on the market have stayed on a sale for two weeks longer than the previous year i.e. 162 days exactly in this year in comparison against 148 days in the previous one. However, the slowdown is absent in nearly 19.6 percent of the areas that have literally stayed unaffected in this sudden change of winds of the home sale and real estate market.
Adding up further to the existing stats, the property markets sped up in nearly 24 towns out of the 122 ones considered in the recent survey conducted, with the properties in Oldham being marketed for exactly 27.7 percent time lesser than a year on an average basis. The areas where the homes are getting sold faster in this current market condition are Rugby i.e. within 85 days, followed by the ones in Greater Manchester i.e. within 95 days and Edinburgh i.e. within 97 days.
The survey also listed out the areas where the housing markets have faced a slug due to the condition and this includes Aberdeen with a count of 320 days, Sunderland for about 279 days and Durham for a period of 264 days. Some of the areas have witnessed a dramatic slowdown that it had not witnessed over the past many years, like the homes in Padstow staying for about 56 percent longer than a year increasing the current duration to 238 days, Woking with 50 percent longer and Hemel Hempstead with 48.7 percent longer.
The CEO of Gatehouse Bank, Charles Haresnape has quoted to the public, saying that the overall slowdown in the sale of the homes across the UK reflects upon the new wait and see approach that has been followed by a number of buyers in the recent times owing to the Brexit negotiations of 2016, but it has not been the reality for every region facing the slug in the home sale duration.
Further extending on his ideas, he said that the robust demand from the buyers signifies that the healthy portion of Britain is ensuring that the homes put up on the sale in the market do not hang around for a long time in relative terms and there is no small part to stamp on the various duty reliefs of the buyers and sellers. Hence the fresh blood is striving to turn the market conditions around and any slight slowdown in the sale process infers a harder bargain for the buying community.