There has been a sharp rise in the length of time it takes to sell a home in London as the city's property market falters because of stamp duty hikes on investors and expensive homes, and Brexit uncertainty.
House prices in London have risen rapidly in recent years, well ahead of the rest of the country amid an acute supply shortage and intense demand from domestic and foreign buyers.
But the "City Rate of Sale" report by Post Office Money Mortgages said there had been a 20.3% leap in the length of time it takes to sell a home in London over the year to June 2016, reaching 89 days. Now Londoners face having to slash their asking prices to sell.
Only Brighton, dubbed "London-on-Sea" because of the influx of people from the city, had a sharper rise, at 23.6% to 72 days. The average for the whole of the UK was 91 days.
"House prices continue to rise across the country but eager sellers should remember that this might not be any guarantee of a successful sale," said John Willcock, head of mortgages at Post Office Money.
"The attractive asking prices can lead many people to put their property on the market, leading to competition in the local market. Even property hotspots such as London are not necessarily guaranteed to sell quickly."
Homes went fastest in Bristol, with an average time to sell of 51 days, though this was up 17.5% over the year. It took longest in Liverpool at 108 days, down 10.7% annually.
|City||Avg. Time to Sell (90 days to 15/09/16)||Median time on the market, % change YOY (09/16)||Avg. House Price, June 2016|
Source: Post Office Money Mortgages