Portsmouth houses '˜selling quicker than most'
Portsmouth houses are selling far more quickly than the national average, says a survey.
Reasearch shows the average home takes around three months to sell - but a seller in Portsmouth can expect their property to be displaying a “sold” sign in 67 days.
Across the UK, a home will typically sit on the market for 91 days before it is sold, according to the study from Post Office Money Mortgages.
The report found sellers in Bristol and Edinburgh had the least amount of time to wait, with homes spending 51 and 53 days on the market, respectively.
Sellers in Swansea or Liverpool had the longest time periods to wait typically before their house is sold, at 100 and 108 days respectively. This is around double the length of time that it would take for a house in Bristol or Edinburgh to sell.
The research, compiled by the Centre for Economics and Business Research (Cebr), found that with the exception of Swansea, where prices have remained steady, property values have increased over the past year across all the cities looked at.
Despite London’s ability to command high house prices, a property there typically takes 89 days to sell - longer than a home in Nottingham, Manchester, Leicester, Leeds, Birmingham, Plymouth or Cardiff, according to the study.
The time it takes to sell a home in London has increased by around a fifth (20.3%) compared with a year ago. By contrast, the time it takes to sell a property in Edinburgh has fallen by a quarter (25%) over the past year.
How long a home takes to sell will have much to do with levels of demand from buyers locally as well as how many homes on the market they have to choose from.
John Willcock, head of mortgages at Post Office Money, said: “House prices continue to rise across the country but eager sellers should remember that this might not be any guarantee of a successful sale.”
Here is the average length of time in days that it takes to sell a property, followed by the average house price, according to the report:
:: Bristol, 51, £252,107
:: Edinburgh, 53, £240,978
:: Glasgow, 56, £117,795
:: Southend, 65, £249,141
:: Portsmouth, 67, £190,579
:: Derby, 69, £144,543
:: Sheffield, 71, £148,551
:: Brighton, 72, £342,959
:: Norwich, 72, £190,883
:: Nottingham, 74, £122,772
:: Manchester, 77, £149,722
:: Leicester, 79, £147,914
:: Stoke-on-Trent, 79, £102,877
:: Leeds, 80, £166,303
:: Birmingham, 80, £159,732
:: Plymouth, 80, £165,442
:: Cardiff, 87, £189,419
:: London, 89, £472,204
:: Newcastle, 96, £154,477
:: Belfast, 96, £118,894
:: Hull, 98, £102,079
:: Swansea, 100, £133,458
:: Liverpool, 108, £119,933