House sellers in the UK should be prepared to wait just over three months to sell a property, according to a new report
Homeowners in Liverpool and Belfast face the longest wait to sell their property - 112 days and 119 days respectively, according to research commissioned by Post Office Money.
The report, carried out by the Centre for Economics and Business Research (Cebr), shows the average UK home takes 96 days to sell, up from 91 days a year ago.
However, properties in Edinburgh and Glasgow tend to get snapped up a lot quicker at 41 and 50 days respectively.
Londoners face longer waits than the average across the urban areas analysed, with homeowners in the capital waiting 111 days before their property is taken.
The report also shows that house prices have risen, over the past year, an average of 5% in every city looked at.
Here’s the average selling times and house prices from Post Office Money:
Edinburgh - 41 days - £246,611
Glasgow - 50 days - £125,634
Bristol - 61 days - £277,243
Stoke-on-Trent - 70 days - £104,250
Manchester - 71 days - £166,982
Portsmouth - 73 days - £200,551
Nottingham - 74 days - £134,658
Leicester - 76 days - £161,616
Plymouth - 76 days - £171,921
Birmingham - 77 days - £175,943
Leeds -77 days - £176,015
Southend-on-Sea - 78 days - £276,602
Norwich - 83 days - £200,581
Sheffield - 83 days - £158,343
Brighton - 84 days - £365,601
Cardiff - 86 days - £196,625
Derby - 86 days - £151,722
Newcastle - 97 days - £162,876
Hull - 101 days - £110,427
Swansea - 110 days - £140,661
London - 111 days - £484,362
Liverpool - 112 days - £126,862
Belfast - 119 days - £120,351
If you’re in the market for a new home, here are four tips from Post Office Money.
If you’re buying in an area with a slower sale rate, your ability to move faster could give you an opportunity to negotiate on the price
Break the chain
If you’re in a chain, take a look at your interim options as renting or staying with friends to see which are the most financially viable especially if sales in your area complete faster than where you are moving.
Plan for extra costs
Use average sale rates to help plan for extra costs if your home takes longer to sell than expected. Paying council tax, home insurance and service charges on two properties can quickly add up.
Can you stay put?
If you’re currently renting have a chat with your landlord to check about staying longer than planned if the house sale is slow, or ending your contract sooner if it’s a quick process.
If you’re selling your house, first impressions are everything. Take a look at Admiral Home Insurance’s tips to get your home ready for the market.