London sellers waiting longer for buyers
Properties in London are now taking longer to sell than houses in the rest of England, according to Rightmove.
In September the average number of days between a house being marked for sale on Rightmove and marked as ‘under offer’ by an agent was 65 days in the capital versus 63 days nationwide.
Just how unusual the reversal is can be seen from the graph below, which also clarifies that the trend is due to a slowdown in London.
Londoners are waiting 20% longer to go ‘under offer’ than in September last year, when it took an average of 54 days.
Buyers’ interest has been cooling, even before Theresa May’s Tory party conference speech offered young Londoners a signal to hold fire.
Outside London the market is very slightly gaining speed, with the average time to sell down by 1 day from last September’s 64 days.
The finding backs up the expectations of price drops over the next three months in London that were evidenced in last week’s Royal Institute of Chartered Surveyors monthly market report.