The average time to sell a property in England and Wales is 16 weeks, it has been revealed by new analysis of 93,200 house sales over the past 12 months, the largest sample ever studied.
House buying service PropertySolvers says it has produced the figures by measuring a house sale’s initial listing on Rightmove to final sold price registration on the Land Registry, covering approximately 10% of the sales market.
This is considerably more robust than many other house sales reports, which often sample just a few thousand sales, it is claimed.
PropertySolvers says its figures vary from 10 weeks to sell in West London to 18 weeks in Southend-on-Sea, the fastest and slowest sales market in the UK.
Other fast-selling housing markets include Norwich, Chester, Warrington, Bournemouth, Llandudno, Blackburn, Newport and Swansea.
Slowest markets also include Torquay, North London, Watford, Southall, Peterborough, Derbyshire, Portsmouth, Guildford and Reading.
“Although there are some natural delays to be expected, it’s surprising that it still takes so long for house sales to go through – especially in the digital age we live in,” says Ruban Selvanayagam, co-founder of PropertySolvers (left).
“Whilst it’s true that the estate agency, conveyancing and mortgage industries continue to embrace the benefits of tech, much work needs to be done to overcome the friction points across house sale chains.
“We buy for cash and take on several risks which means our transactions are completed in as little as seven days. However, we’re a business and we wouldn’t suggest that most buyers follow the same path as us.”