Longer waits for movers

THE average time to sell a home has risen by nearly two weeks over the last year, as prices continue to fall in London and the South East.

A report by the Post Office showed homes across the UK are staying on the market for 114 days, or around three and a half months. This is up from 102 days past year.

Property experts have blamed uncertainty about the economy and concerns about Brexit for making many people nervous about buying a house, or making other big purchases. Homes in Oxford, one of the least affordable cities in the UK, took almost five months on average to shift – or 152 days.

In Aberdeen they sold in 151 days. Other long waits were in Middlesbrough (149), Slough (148), Blackpool (146) and London (138). In contrast, owners in Edinburgh and Glasgow sold their homes quickest, with properties spending 45 and 47 days respectively on the market.

The report emerged as official figures showed house prices continue to fall in London and the South East, and rise in the North. The Office for National Statistics said prices across the UK rose by 1.3pc in the year to August, up from 0.8pc in July, reaching £235,000 on average.

July’s increase was the lowest since late 2012. In London, prices fell by 1.4pc year-on-year.

In contrast they rose 3.3pc in the North East and 3,1pc in the North West, 4.5pc in Wales and 1.6pc in Scotland. Howard Archer, chief economic adviser at EY Item club, warned house prices could ‘sink’ around 5pc if the UK leaves the EU without a deal on October 31 or later.