It’s just a shame that many homes are now not selling at all or until they have reduced their price at least once!
The housing market may appear sluggish at best in many areas but data from Rightmove suggest hat when a house does sell, it sells faster than five years ago.
Research undertaken by the portal exclusively for agency Strutt & Parker shows that, on average, a home in the UK sells in 59 days. This is more than three weeks faster than in 2012, when it took 81 days.
The Rightmove research shows only three cities in the UK now have markets where houses are taking longer to sell than in 2012 – Cambridge, Oxford and Aberdeen, where until relatively recently there had been high levels of price growth but where there are now severe affordability issues.
Rightmove’s research was of listings from August 2016 to July 2017 and was based on the time taken from the first listing date on its portal to the date when the listing was marked as under offer/sold subject to contract by the agent.
Steve Cass says, “So, Cambridge and London markets have slowed and Saffron Walden is caught in the middle”. “Also, the fact that when houses do sell, they do so quickly, shows that buyers understand that they are in the box seat at the moment and are waiting for the ‘perfect’ house and then snapping it up, leaving over-priced, poorly located or poor condition houses to sit unsold, at least until the price is dropped substantially”.
“So it is vital to get honest professional advice and not be taken-in by the large companies who all too often get business by telling people what they want to hear, and tying them into to a long exclusivity contract while the house remains unsold”.