The latest City Rate of Sale report from the Centre for Economic and Business Research, issued by Post Office Money Mortgages, shows that UK property is taking on average 91 days to sell.
Of the 20 major UK cities listed in the report, Bristol and Edinburgh properties sell the fastest, with residences in Swansea and Liverpool taking the longest to sell. London has seen its largest increase in the amount of time taken to sell a home, with a 20 per cent rise on previous years.
UK house prices have, on average, risen 8 per cent in the year to June 2016, with the introduction in April of a stamp duty surcharge on second homes being attributed to the slowing down of the housing market recently, which has seen falls in both demand and supply.
Commenting on the findings, a spokesperson for Post Office Money Mortgages says: “In the final months of 2016 and into the New Year we can expect this slowdown to intensify, with economic uncertainty adding to the current pressures faced across the market. As a result, some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market (as seen in London over the past 12 months).”
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
For further information about how we can help you with your property ambitions, contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
Buy to let landlords using tax loophole to invest in property