- 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.
- 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.
- Mortgage rates initially rose following the start of the Middle East conflict due to increased swap rates, but major lenders have recently begun reducing fixed rates as swap rates have fallen, leading to a plateau in average fixed rates.
- 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, and buyers benefiting from drifting lower mortgage rates and greater choice.
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