The research found that the average UK property sold during April had been on the market for 50 days, one day longer than the same time last year.
According to Hamptons, this is a hangover from the challenging market of 2023, as 27% of homes sold last month were listed during last year. The report states that it is eight days slower to sell property in the South of England than in the North.
In England and Wales, the percentage of homes sold above their final asking price in April was 27% – unchanged from last year’s figure. In London and the South, 25% of properties sold above their asking price last month, a positive annual change of 2%. Lower mortgage rates have helped boost activity. London sellers have been giving out greater discounts than other regions over the last eight years, but now the same proportion of London sellers are achieving their asking price as those in other parts of England and Wales.
High mortgage rates pressure sellers to reduce prices, with price reductions peaking at 56% in October 2023. But price reductions in England and Wales are now at an 18-month low in April. 44% of homes were sold at a reduced price, close to pre-Covid levels when there was an average of 42%.
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