Homes taking longer to sell this year with typical property shifting in 34 days
- Average time to sell a property has increased from 25 days in 2022, says Zoopla
- Most popular types of property for sale this year were three-bedroom homes
- March was most popular month for completions for new and existing properties
Properties are taking longer to sell, typically 34 days this year, new data from Zoopla reveals.
The average time to sell a property is up from 25 days in 2022.
And the most popular types of home for sale this year were those with three bedrooms, the property website says.
March was the most popular month for completions for both new homes and existing properties due to a surge in market activity at the beginning of the year.
Properties are taking longer to sell, up from 25 days in 2022 to typically 34 days this year
The most searched keywords on Zoopla included ‘freehold’, which moves from third place in 2022 to the top slot this year.
A freehold property is one where you own the property and the land it’s built on. It is in contrast to a leasehold property where you own the property for a set period but not the land it sits on.
Leasehold properties have faced numerous challenges in recent years, including fire safety defeats and toxic ground rent clauses.
These affected leasehold flats have become unsellable in some cases as lenders have been unwilling to lend on them.
The term ‘annexe’ is another popular word being searched for on Zoopla, moving up two spots to third space this year.
Zoopla suggested that the shift may reflect the growing trend of intergenerational living for many families.
There are some tax reliefs available when buying a property with an annexe.
Annexes are disregarded as ‘additional’ dwellings for the purposes of the 3 per cent stamp duty surcharge on second homes and buy-to-let properties.
It means you can have your cake and eat it. The annexe counts for the relief, but it does not count for the surcharge provided certain conditions are met.
These conditions are that the annexe must be on the same land or in the same building as the main home and must be worth one third of the total purchase price or less.
Annexes are disregarded as ‘additional’ dwellings for the purposes of the 3 per cent stamp duty surcharge on second homes and buy-to-let properties
Meanwhile, ‘garage’ remains in the top three list of keyword searches, as it did last year, Zoopla said.
Alex Lyle, of Richmond estate agents Antony Roberts, said: ‘On the whole, transactions have taken longer this year, with negotiations more drawn out and chains tending to be quite complicated.
‘Demand for family homes continues to be exceptionally strong.
‘It is a competitive market, with successful buyers often those who are chain free and prepared to pay the asking price, if not more.’
The word ‘garage’ remains in the top three list of keyword searches on Zoopla in 2023, as it did last year
Buyers have also been searching for different types of homes this year , with seven out of 10 of the top 10 most viewed properties being affordable family homes or doer-uppers.
Only three homes in this list are multi-million pound properties, indicating that 2023 was the year many homeowners became realistic about what they can afford, Zoopla suggested.
While the British housing market is on track for one million sales in 2023, it seems homeowners are still seeking unusual properties.
This year, 57 houseboats went under offer, along with 1,000 chalets, 850 mews houses and 148 farms.
In addition, 600 parking spots, 300 blocks of flats, and 30 hotels went under offer. And one pub was sold this year.
Kensington and Chelsea in London is the most expensive local authority in Britain, says Zoopla
It follows earlier Zoopla data that revealed the most affordable town to purchase property in Britain is Cumnock, Scotland based on price to earnings ratio.
However, another Scottish area – Inverclyde – takes the top spot as the cheapest local authority in Britain with an average house price of £103,200.
Kensington and Chelsea in London is the most expensive local authority in Britain with an average house price ten times the amount of a house in Inverclyde, at £1,209,100.
But a home in Kensington, London takes the prize for one of the most expensive houses sold in Britain in 2023 at a massive £36.5million.
And for those not wishing to move to Scotland or London, house price growth in 2023 has been strongest in Calderdale, Yorkshire, up 3.1 per cent. But weakest in Dover, Kent – down 0.7 per cent.
It reflects a reversal in pandemic trends for homeowners to move to coastal areas, according to Zoopla.
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