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Flats taking nearly three weeks longer to sell than houses typically – Zoopla

Vicky Shaw, PA Personal Finance Correspondent
·1-min read

Houses are selling nearly three weeks faster than flats typically, according to a property website.

The average length of time between a house going on the market and a sale being agreed is now 42 days, Zoopla said.

This is 20 days faster than a flat, which sellers can typically expect to be snapped up in 62 days.

The average time it takes to sell a house has decreased while the typical time it takes to sell a flat has increased – and so the gap between houses and flats has widened.

In 2020, houses took 49 days to sell on average across the UK, with flats taking five days longer than that typically, at 54 days.

Home-buyers have been searching for more space during the lockdowns and Zoopla said demand for three-bedroom homes jumped recently, after a stamp duty holiday extension was announced in the Budget.

A new 5% deposit mortgage guarantee scheme will also be launched this spring.

Grainne Gilmore, head of research at Zoopla, said: “The search for space is driving continued demand for family homes, which means prices for houses are rising faster than flats, and houses are also selling more quickly.

“The prospects for the housing market over the next year have improved on the back of the Budget.

“Yet the pathway out of the lockdown, and the route to a full reopening of the economy and unwinding of support measures, is unlikely to be simple or smooth.”