Home sales taking twice as long

Houses are taking twice as long to sell as they did a year ago, with rising mortgage rates making it harder for buyers to afford homes. On average, it took home sellers 49 days to find a buyer in May, up from 26 days in the same month in 2022, according to analysis of Connells Group data by Hamptons. Four-bedroom houses were slowest to sell, with it typically taking 60 days to agree a sale in May - more than double the 27-day average recorded in May 2022. Aneisha Beveridge, head of research at Hamptons, said demand for smaller homes has increased as buyers have downgraded their expectations and opted for cheaper properties. "Upward pressure on mortgage rates over the last two weeks runs the risk of freezing some buyers out of the market," she said. 

The Daily Telegraph