An interesting article which was recently published in The Sunday Times caught our eye, here are the most important points which we took from this article:
- The average sale is still taking three months — a month longer than if you were selling in 2016.
- Buyers and sellers are holding off because they simply don’t know what the next parliament looks like or what kind of Brexit — if any — it wants.
- This slowdown is acutely felt in cities such as Cambridge, Bristol, Portsmouth, Southampton and Bournemouth, where homes are taking an average of 10 to 13 weeks to sell. Expect to wait even longer — between 14 and 15 weeks — in places, such as London and Oxford, where house prices have sprinted ahead of average wages.
- Sellers who cannot play a waiting game, however, are prepared to lose large sums of money to move on; the stats show that homeowners are accepting offers almost £10,000 under their asking price.