Half of homes in Great Britain taking longer to sell than last year amid mortgage volatility

Many buyers wait in hope of better deal, although there are hotspots in Scotland and northern England Half of homes in Great Britain are taking longer to sell than last year as volatile conditions in the mortgage market amid the Iran war prompt buyers to “wait and see” if they can get a better deal, according to a report. As the Middle East conflict continues to unfold, the property platform Zoopla said homes in 180 out of 363 local authorities in England, Scotland and Wales were taking longer to sell compared with a year ago. It said that although the national average time to sell a home had not changed – at 42 days – a widening regional gap had emerged as buyers in property hotspots raced to complete deals, while uncertainty over mortgage costs fuelled a more cautious approach elsewhere. The report found the UK’s 10 fastest-selling markets were all in Scotland, with the lowest average time to sell at just 11 days in Falkirk. Carlisle and Barnsley in England were the fastest non-Scottish markets at 23 days each.

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