Average time to sell a home in London ‘was twice that in Scotland in 2023’

Homes in London took twice as long as properties in Scotland to sell on average last year, according to a website.

In 2023, the average sale took 34 days – from the property first being launched to the market to a sale being agreed, subject to contract – Zoopla said.

The average time to sell ranged from 20 days in Scotland to 40 days in London.

This difference primarily reflects housing affordability and the impact of higher mortgage rates on buying power in markets with high house prices, the website said.

But it added that recent falls in mortgage rates have particularly boosted activity in southern England, particularly London.

Homes took around two weeks longer to sell last year than in 2022, when the average time period was just 20 days.

Once a sale has been agreed, it can take another three to six months before someone gets the keys to their new home.

Zoopla said this year has got off to a strong start so far, with buyer demand running around 11% higher than a year earlier.

The figure covers demand in the four weeks to February 7 2024 compared with the same period in 2023.

Demand was defined as would-be buyers contacting agents to inquire about and arrange viewings for properties listed on Zoopla, by filling in forms on its website.

The website has also seen an increase in the number of new homes being listed for sale.

The flow of new homes for sale is 10% higher than a year ago and the highest since 2020, Zoopla said.

Here are the average numbers of days it took to sell a home last year, according to Zoopla:

Scotland, 20

North East, 30

North West, 31

West Midlands, 32

Yorkshire and the Humber, 32

South West, 34

Wales, 35

Eastern England, 37

East Midlands, 38

South East, 38

London, 40