The Brexit Effect: The UK Property Market is Slowing Down in These Specific Locations

New research has looked at the time it takes to sell a home in 2019 and where in the country is home to the longest home selling process, as Brexit uncertainty continues to cause a property market freeze.

Great Britain

The latest data shows that across Great Britain it currently takes an average of 247 days to sell a home, from the first day it is listed on the property portals until the day it is marked sold by the Land Registry.

The City of London is currently the slowest market in Great Britain taking 409 days to sell a home from start to finish, while Islington is the next slowest market taking an average of 402 days to sell.

Eden in Cumbria is proving to have the slowest market outside of London where homes are taking an average of 401 days to sell.

Sellers in Copeland (Cumbria) are having to patiently wait 394 days in order to sell, while Ceredigion (392) and Pembrokeshire (350) are home to the two largest market freezes in Wales.

In the South West, Bournemouth is home to the longest wait to sell, with properties taking an average of 324 days to complete, this is followed by East Devon (319) and Merthyr Tydfil (316).

London

Across London as a whole, it’s taking even longer to sell a home (an average of 286 days) as the capital feels the brunt of current market conditions.

While the City of London and Islington are the only areas to exceed the 400-day mark, Barnet (313), Lambeth (307) and Richmond (305) also have some of the longest times to complete a sale, from listing to Land Registry completion, so far this year.

The new data has been collated by GetAgent.co.uk, the estate agent comparison website, using figures taken from all of the major property portals which are then cross-referenced with the Land Registry using proprietary algorithms to create a comprehensive record of what is selling, where, for how much and how long it’s taking.

Colby Short, Founder and CEO of GetAgent.co.uk, commented:

“Market uncertainty has certainly hit the top end of the market hardest and the more inflated areas of the UK property market are some of those seeing the longest times to sell. This is largely due to hesitation from buyers but also because home sellers are failing to adjust their price expectations in line with the current landscape. 

“In any market, over-pricing will result in a property remaining sat on the portals with little interest but particularly given the current climate, home sellers should approach a sale with a clear head and realistic expectations. 

“At the other end of the scale, the more affordable pockets that have seen little or no reduction in values, and where both buyers and sellers are approaching with a ‘business as usual’ attitude, are the areas where the time to sell is at its lowest.”