The time taken to sell property has nearly doubled as buyers struggle to secure affordable mortgage deals, it has been revealed.

New analysis by Hamptons looking at parent company Connells’ sales figures shows the average period to secure a buyer is now 49 days.

Just a year ago, sellers were able to find a buyer after only 26 days on average.

The new average wait time of almost 50 days is the longest in any May since 2013, excluding the lockdown of 2020.

The figures show that four-bedroom houses are taking the longest time to sell at 60 days, compared to 27 days in May last year.

Downgraded

Aneisha Beveridge, Head of Research at Hamptons, says that 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 says.

The number of mortgage deals on offer has shrunk in recent days, and fixed rates shot up, as banks and building societies react to reports that the Bank of England will increase the base rate later this month.

Many first-time buyers are now choosing longer-term mortgage products in an attempt to keep the monthly payments down.

The proportion of FTBs going for mortgage terms of 35 years or more is now 19%, a total that has doubled in the last year, according to data from banking trade group UK Finance.