Homes are now taking over 12 weeks to reach sales agreed stage, with sales prices at an average of 3.8% below asking price – equating to an average drop of £9,800.
It is the longest period for three years that homes have taken to go under offer. Properties are taking nearly a month longer to get to this stage than in 2016.
In London, homes are taking an average of 14.5 weeks to get to sales agreed, with prices at 5.7% below asking price.
In inner London, homes are taking 20 weeks, with sales agreed prices almost £50,000 less than asking prices.
Zoopla this morning reported a mixed regional picture, with homes in the midlands and north taking between 8.4 and 9.5 weeks to go under offer, with discounts of between 2% and 3%.
Richard Donnell, research and insight director at Zoopla, said: “There is a continued polarisation in housing market conditions across the country.”
He said that even if Brexit uncertainty were removed, it would do little to address the issue of housing affordability in the south.
He said: “Market conditions are set to remain weak in southern cities until pricing levels adjust to what buyers are willing or can afford to pay.
“London is three years into a re-pricing process and we expect sales volumes to slowly improve over 2020, while house price growth remains subdued.”
Maybe if agents called out more it may reduce the time to sale
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Even more reason why sellers should instruct their conveyancers earlier on. So they can hit the ground running when a buyer has been found.
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That’s something Rob that I have always tried to install in my sellers, if you are defo going to move then please instruct a solicitor NOW.
saves so much time with a ready filled in PIF, warranties etc, proof of planning etc which will also save you from indemnity policies! But do they do it!!
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