Key facts
- Half of homes in Great Britain are taking longer to sell than last year.
- Volatile mortgage market conditions are cited as the primary reason for the slowdown.
- The national average time to sell a home in Great Britain is 42 days.
- Regional disparities exist in selling times, with some areas seeing significant increases.
- Zoopla is the source of the report's findings.
A report by Zoopla reveals that half of all homes in Great Britain are now taking longer to sell than they did in the previous year. This slowdown is attributed to the volatility within the mortgage market, which is creating uncertainty for potential buyers. The national average time it takes to sell a property currently stands at 42 days. However, this national average conceals significant regional differences in market performance. Some specific areas are witnessing considerable extensions in the time it takes for homes to be sold, indicating a localized impact of broader economic factors on the housing sector. The report highlights that these extended selling times are a direct consequence of the fluctuating conditions in the mortgage market, which affects buyer confidence and purchasing power.