Before the credit crunch, back in summer 2007, the typical (median) UK property for sale had spent just 50 days on estate agents' books. Since then the typical marketing time for a property for sale soared to a record 184 days just last month. However, the June figure (for England and Wales) has now fallen back dramatically to 129 days as the housing market regains lost momentum.
A surge in both home sales and new instructions confirms that the logjam that thwarted UK property sales has finally broken free. The market has finally lurched forward aided by increased numbers of cash buyers and a dramatic rise in new instructions for estate agents.
These are the national figures, but is property moving again in your local market?
The marketing times and trends for residential properties are now available online for most towns and all postcodes across the UK, thanks to Home.co.uk. Typical and average marketing times are key indicators as to the relative health of local property markets.
Not all local property markets have been affected the same way as the national figures. Some have faired much better and others much worse. Chelsea has performed well, especially in the recent upturn. The typical marketing time for property in this part of London has fallen from a peak of 125days in March 2009 to just 78 days in June, indicating a dramatic recovery in market liquidity.
In stark contrast Llandudno, in North Wales, has seen little or no reduction in median marketing times over recent months, although the average may have peaked last month (May) at a staggering 350 days. Llandudno remains one of the hardest places to sell property in the UK.
"When it comes to buying or selling property your strategy should take into account the relative strength of the local market and not the national trend," stated Doug Shephard, Business Development Director at Home.co.uk, "That's why we spent much time and effort developing this independent metric that gives insight into the how well properties are selling at a local level. Estate agents, vendors and buyers alike, will find the information invaluable."
The Time on Market figures are produced from monthly surveys of around 17 million recorded entries in the Home.co.uk Property Search Archive covering around 700,000 properties for sale each month.
The average time on market figures for England and Wales, confirm the same picture as the median figures falling back from 218 days (March 09) to 206 days (June 09). However, there is long way to go before the average time on market for England and Wales reduces to the May 07 level of 77days. Average time on market figures for all UK postcodes and towns, calculated daily, can be found at http://www.home.co.uk/guides/house_prices_by_town.htm.
Notes for EditorsOver the last 22 years, Home.co.uk has become established as a dynamic, innovative and ethical service. By providing the UK's most comprehensive Property Search and Estate Agents directory coupled with detailed House Price analysis, Home.co.uk delivers the real power of the Internet to inform and empower estate agents, homebuyers, renters, landlords and sellers in across the UK.
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