UK properties are taking almost two weeks longer to sell than last year according research by Post Office Money.
The ‘City Rate of Sale’ report, developed with the Centre of Economics and Business (Cebr) reveals on average it takes 114 days to sell a property in the UK.
Homes in Oxford take the longest to sell, staying on the market for an average of nearly five months.
Glasgow and Edinburgh saw properties sell the fastest in the UK spending 47 and 45 days on the market respectively.
Properties in Stoke have seen the largest increase in time spent on the market rising by 47% from 57 days to 84 days in the past year.
The report looked at the average time it takes for a property to sell in 66 major cities across the UK.
Ross Hunter, spokesperson for Post Office Money, said: “Properties are taking almost two weeks longer to sell compared to last year, but this doesn’t mean that interest in moving up the housing ladder is waning.
“At Post Office we have continued to see a rise in mortgage applications and approvals in the last year. There is political uncertainty at the moment, and the housing market can fluctuate, so it pays to be prepared.
“Whether you are a first-time seller or someone looking to sell up and downsize, it is more important than ever to understand the market in your area to ensure a smooth transaction.
“Our online tool allows you to find out how quickly you could sell your home across the UK, allowing you to plan ahead.”
By Jessica Nangle
Source: Mortgage Introducer