A study conducted by the property portal Zoopla revealed that the average duration for a property to remain listed in Britain extended to 34 days in 2023, marking an increase of approximately two weeks from the previous year.
The analysis highlighted a notable disparity in selling times between regions, with London homes taking double the time to find buyers compared to their Scottish counterparts. Specifically, residences in the capital were listed for an average of 40 days in 2023, whereas properties in Scotland saw a brisker pace, with sales being agreed upon within 20 days on average.
In Wales, properties were on the market for an average span of 35 days, while homes in the West Midlands and Yorkshire and the Humber regions typically awaited buyers for 32 days.
Zoopla’s comprehensive review across Britain pinpointed the average listing period at 34 days, calculated from the initial listing to the point when a sale was preliminarily agreed upon, pending contractual finalisation.
The journey from agreeing on a sale price to the actual transfer of keys, involving extensive paperwork, can extend over several months. Nonetheless, these statistics offer a glimpse into the 2023 property market dynamics, illustrating a noticeable slowdown in sales velocity compared to 2022, when homes were typically listed for just 20 days before securing a buyer.
The detailed breakdown for the average days to sell a home in 2023 across various regions is as follows, according to Zoopla:
- Scotland: 20 days
- North East: 30 days
- North West: 31 days
- West Midlands: 32 days
- Yorkshire and the Humber: 32 days
- South West: 34 days
- Wales: 35 days
- Eastern England: 37 days
- East Midlands: 38 days
- South East: 38 days
- London: 40 days
The housing market in 2023 experienced a downturn, attributed largely to elevated mortgage rates that subdued demand and impacted prices. However, there are signs of recovery in recent months, buoyed by mortgage rate reductions from lenders, spurred by anticipations of a Bank of England interest rate cut later in the year as inflation rates decrease.
Zoopla attributes the regional disparities observed in 2023 to differences in affordability and the varying effects of higher mortgage rates on buyers, particularly in areas with more expensive housing markets.
