However, when it comes to assessing the market, there is a lot to be said for looking at average prices, and average times. As a starting point, this information provides you with a lot of insight, and it can help you make an informed decision. We are keen to help buyers and vendors make informed decisions in the property market, and we keep in touch with the latest research.
People are interested in how long it takes to sell a home
One area of interest for ourselves, and many of our clients, is the average time taken to sell a home. A recent study by an estate agent comparison website, GetAgent, has pulled out data on this topic.
The research indicates the average home took 265 days to sell from the day it was initially listed to the day the sale was completed. In London, the average time to sell a home rose to 295.
As the year progressed, the average time taken to sell a home increased. In the initial quarter of 2019, the average time taken to sell a home was 250 days. This rose by a level of 8.5% to 271 in the final quarter. In the shift between the third and fourth quarter alone, there was an increase of 3.3%.
Colby Short is the CEO of GetAgent, and he said; “It’s clear that the ongoing market uncertainty surrounding Brexit had a direct impact on selling times across the nation over 2019, increasing almost consistently throughout the year and culminating with the longest selling times seen all year, due to a combination of pre-election angst and a seasonal market slowdown in the final quarter of the year.”
He continued by saying; “However, as always, the UK property market is a patchwork quilt constructed of many different markets, all acting independently with their own levels of demand and rates of house price growth. So, while the average home seller had no choice but to twiddle their thumbs for almost eight and a half months before completing, for many, this happened much quicker.”
There is optimism for 2020
It may be the impact of the General Election will spark more movement in the property market. If this is the case, people will be hoping to conclude deals at a slightly faster rate than was the average in 2019.
If you plan on selling your home in 2020, get in touch. We are more than happy to provide you with a property valuation, which is essential in entering the market in the correct manner. If you are looking to make a move in 2020, get in touch with Austin Property Services.