Half of homes across Great Britain are taking longer to sell than they did a year ago, with buyers becoming more cautious due to uncertainty over mortgage costs. Property portal Zoopla found that selling times have increased year-on-year in 180 of 363 local authority areas across England, Scotland, and Wales.
Despite this slowdown in half of local markets, the national average time to sell has remained unchanged at 42 days. Zoopla noted that this figure conceals a growing regional divide, with some property hotspots seeing quick sales while buyers in other areas adopt a 'wait and see' approach for better mortgage deals.
Scotland dominates the fastest-moving markets, accounting for all ten local authorities with the shortest selling times. Falkirk is the quickest market, with homes selling in an average of just 11 days. In England, Carlisle and Barnsley recorded the fastest sales, with an average selling time of 23 days in both areas.
Conversely, eight local authorities reported average selling times of two months or more. Melton in the East Midlands had the longest average at 76 days, with Westminster in London and Teignbridge in the South West also among the slowest markets.