A survey of 50 major UK cities has found that 12.5 per cent of properties currently for sale have been on the market for 6 months or longer.
The research, carried out by online estate agents Housesimple.com, found that Sunderland was the slowest-moving property market in the UK, with almost three in 10 (28.5 per cent) of properties currently advertised for sale first listed six months ago, or longer.
In London, 22.5 per cent of properties for sale in the City of Westminster have been on the market for at least 6 months.
On the other end of the scale, the fastest moving property market, according to the research, is Belfast, where just 1.9 per cent of properties are on the market for 6 months or longer. This is followed by Northampton and Reading at 3 per cent and 3.6 per cent.
HouseSimple.com chief executive Alex Gosling says: “Across the fifty towns and cities we looked at, the length of time it’s taking for properties to sell appears to be falling. Eight months ago, when we carried out the same research, 13 per cent of properties listed had been on the market at least six months. That figure has now fallen to 12.5 per cent. Similarly, in London, we’ve seen a 1.8 per cent drop since March.
“It would be foolhardy to say that the market has dramatically improved and that normality has been restored. In London, particularly, what we’re seeing is recognition from sellers that prices have cooled and that to secure a sale they need to be more flexible on price. And Brexit is definitely playing its part.”