If you’re thinking of selling your home so you can move this year, you’ll want to know how long it’s taking to find a buyer.
Last year, we saw the busiest housing market on record, and sellers were finding a buyer in an average of just 33 days. But we’re now in a more settled market. So while it’s taking longer to find the right buyer — the average time to sell is now 55 days — the 2023 market is still quicker compared to the period just before the pandemic began in March 2019, when it was taking 67 days.
Our property expert Tim Bannister says: “The current market conditions will suit home-movers who were perhaps put off by the frenetic market conditions of this time last year, when the average time to find a buyer was near a record low.
“Despite what will feel like calmer conditions, the market is still moving more quickly than before the pandemic started. We’re now seeing more buyers returning to cities and within commuting distance of an office.”
Where are homes selling the fastest?
The town of Falkirk in Stirlingshire is Great Britain’s fastest selling market, with sellers in the area finding a buyer in an average of 22 days. Falkirk is located between Edinburgh and Glasgow in the Forth Valley. The average asking price of a home is just below £149,000.
Seven of the top ten quickest locations to find a buyer are in Scotland, where homes typically find a buyer more quickly, though these areas are taking longer to find a buyer than a year ago.
The average time to find a buyer in Scotland is now 34 days, compared with 22 days last year. Scotland is the quickest market in Great Britain, while London takes the longest to find a buyer on average (65 days).
Where are homes selling the fastest in Great Britain?
|Average time to find a buyer (days)
|Average asking price
|Broxburn, West Lothian
|Hall Green, Birmingham
|St. George, Bristol
Meanwhile the areas where homes are finding a buyer even more quickly than last year are in the commuter belts of major cities, including Windsor in Berkshire, Knaphill in Surrey and Cowley in Oxfordshire.
Terraced houses are currently finding buyers fastest at 48 days, while detached houses are taking the longest to sell at 65 days.
Where is it taking longer to find a buyer compared to last year?
The speed of the market is also easing near the coast, which had seen some of the most frantic levels of activity during the pandemic.
Four of the top five areas where homes are taking longer to find the right buyer this year compared with last year are by or within a short distance of the coast, including Ferndown in Dorset, Brixham in Devon and Heysham in Lancashire.