The average time to sell a home across the UK has seen only a marginal increase of one day compared to a year ago, despite a period of elevated mortgage rates. London's property market, however, is experiencing a more significant slowdown, with homes in the capital now taking nearly a week longer to sell than they did 12 months ago, specifically six days longer.
National Trends
Nationally, properties are taking an average of 33 days to sell, according to property website Zoopla, which tracks the period from a property being listed to it being sold subject to contract. This represents a modest slowdown from 32 days a year earlier, indicating that market conditions remain relatively stable across much of the country.
Impact of Mortgage Rates
Mortgage rates initially rose following the start of the Middle East conflict due to increased swap rates. However, major lenders have recently begun reducing fixed rates as swap rates have fallen, leading to a plateau in average fixed rates. This has provided some relief to buyers, who are now benefiting from drifting lower mortgage rates and greater choice in the market.
Regional Variations
Richard Donnell, executive director at Zoopla, stated that well-priced homes are still finding buyers quickly across much of the country, with market conditions varying between North and South. The North of England continues to see faster selling times, while the South, particularly London, is experiencing a more pronounced slowdown. Buyers in the capital are taking longer to commit, reflecting higher prices and increased sensitivity to mortgage costs.
Outlook
Despite the slowdown in London, the overall UK property market remains resilient. With mortgage rates stabilising and buyer confidence gradually returning, the market is expected to maintain its current pace. Sellers are advised to price competitively to attract buyers, especially in slower regions like London.
