City homes take just under three months to sell

HOUSE sellers in Cardiff can expect their property to take just under three months to sell, according to a report.

While the average home in the Welsh capital takes 86 days to sell, properties in Edinburgh were found to typically spend around half this time on the market before being snapped up, at 41 days.

Post Office Money released the findings after commissioning the Centre for Economics and Business Research (Cebr) to look at average selling times across a selection of UK towns and cities.

It found that homes in Liverpool and Belfast take the longest to sell, at 112 days and 119 days respectively.

Homes in London are also taking longer to sell than the average across the urban areas analysed, at 111 days typically.

And properties in Newcastle, Hull and Swansea made up the final three cities with a longer average selling time than Cardiff.

In Cardiff, the average house price was now given as £196,625, compared to £140,661 for Swansea, the only other Welsh city on the list, and £484,362 for London.

House prices have risen in each of the cities analysed in this report over the last year, by 5% on average.

Owen Woodley, managing director of Post Office Money, said: “If a sale moves faster, or takes longer than planned, buyers can face unexpected costs.”

Post Office Money said that for people looking to buy in an area with a slower sale rate, an ability to move faster may provide an opportunity to negotiate with the current owners on the house price.