The average time it takes to complete a property purchase in Hull is 98 days, according to new research.
A report published by Post Office Money Mortgages revealed that, on average, it takes 91 days to sell a property in the UK.
However, there are some big disparities between the 20 cities included in the survey, with Hull seeing property purchases take 98 days, while in Bristol the average time for a sale is 51 days.
Head of mortgages at Post Office Money John Willcock explained: “The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market.”
This, in turn, means buyers have more choice and therefore that it can take longer for people to make a property buying decision.
The data also highlighted the difference in house prices around the UK, with Hull one of the cheapest places to buy in the country with average property prices at £102,079, and the lowest cost of housing among the 20 cities surveyed.
According to Land Registry data, the average house price in the UK stood at £218.964 in August this year, an 8.4% increase over the same time last year.
However, John Willcock cautioned that the property market is likely to soften in the coming months due to the economic uncertainty surrounding the UK over its Brexit strategy.
Estate agents like Beercocks can help FTBs find and buy their first property with ease. We provide a free cost of moving appointment so you know how much you’ll need to budget for and we also provide free valuations of properties to help you make key decisions. Call us today to take advantage of our vast local knowledge.
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