How long will it take to sell my house?
18 February 2019 | Admin
As Brexit uncertainty continues, we look at the current state of the UK housing market and how long it’s currently taking to sell a home.
The most recent market survey review produced by the Royal Institute of Chartered Surveyors (RICS) in November has found that the amount of properties going on to the market is down for the fifth consecutive month in a row. This is the fastest pace of decline in new sales listings seen in the past 28 months.
RICS, considered a leading source of market intelligence, anticipates that the first 3 months of 2019 will be downbeat in respect of both sales and purchases. This isn’t all bad news for the seller however; while there may be fewer buyers, so long as there are also fewer houses going on to the market there is still a good chance to make a sale.
Current stock levels are close to record lows at an average of 42 properties per agent, suggesting that for those who do wish to move, choice will be limited. Sales volumes are expected to slip further over the next three months, but stabilise later on in the year.
The review notes that the current time taken to complete a sale is 19 weeks, the longest time since the data was first collated in February 2017.
With the number of new properties listed for sale falling consistently through 2018, there has also been a decline in new enquiries. Lack of buyers has been attributed to people waiting to see what will happen on the Brexit front as well as a shortage of houses on the market.
While lack of supply has slowed the market and new buyers are cautious in the current uncertain climate, improvements are expected in sales figures in the South West, East Anglia, Yorkshire, Humberside and Northern Ireland.
Prices overall are expected to be at a standstill by mid-2019, although this will differ according to region. Negative trends are likely in London, the South East and East Anglia, while solid growth is expected in the Midlands, the North West, Scotland and Northern Ireland.