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TODAY'S OTHER NEWS

Sales take over 50% longer than a year ago in some parts of the UK

A new analysis suggests that sales of more than four out of five homes in the UK are taking at least as long as a year ago - and in some cases 50 per cent longer.

Using data collected by the listings platform Home, properties in the Cornish town of Padstow are shown to be on the market an average of 56 per cent longer than just a year ago - properties there take 238 days on average to find a buyer, compared to only 152 this time last year.

In Woking sales take 50 per cent longer (typically being on the market for 186 days compared to 124 in 2018) while in Hemel Hempstead a sale takes an average of 48.7 per cent longer (168 days compared to 113).

The ‘top 10’ league table of locations where sales have slowed most significantly also includes Salford, Slough, Guildford, Cambridge, Warwick, Chelmsford and Watford. 

Only in 19.6 per cent of areas are homes now selling more rapidly than 12 months ago.

The analysis was undertaken by Gatehouse Bank; its chief executive Charles Haresnape says: “A slowdown in sales across the country reflects the wait-and-see approach exacerbated by these marathon Brexit negotiations but it’s not a reality for everyone.”

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    Initial asking price too high?? Vulture buyers waiting for the next drop?? A sale is only a sale when it completes so getting to offer is only half the process. It's the length of time it then takes for the legals to be done and this is where there is a problem. It takes too long.

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