How long does it take to sell a home in Portsmouth?

How long does it take to sell a house in Portsmouth?
How long does it take to sell a house in Portsmouth?

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PROPERTY sales in Portsmouth have seen a significant drop over the last year, according to new figures.

The latest City Rate of Sale report from Post Office Money found that the average number of days it took for a property in Portsmouth to be sold was 73, a total of 23 days above the national average.

Figures also found that the median time that a Portsmouth house spent on the market had increased by 10 per cent in the last year.

This was put down to the city becoming 'less affordable' due to high increases in house price value than normal.

The average house price for Portsmouth in August was £200,551, though the report states that property sales in the city have dropped by 18 per cent over the last year.

The report was developed with the Centre of Economics and Business Research, examining the average time it takes a property to sell across 20 major cities, with Edinburgh being the quickest at 41 days and Belfast taking the longest at 119 days.

Owen Woodley, managing director of Post Office Money said: 'Against a backdrop of muted but steady increases in house prices across the country and sustained demand from the first time buyers market, these movements in time to sell reflect the changes in the number of properties listed for sale across the UK.

'We know from previous research that first time buyers are taking a flexible approach to finding an affordable home, most especially towards location.

'Therefore, on the whole across the UK, the number of houses on the market has fallen because those looking to trade up are struggling to find good properties at acceptable prices. This is likely to be a growing issue as buyers are more likely to wait out the current market until price growth returns more forcefully.'