OnTheMarket launches SSTC initiative
OTM launches new monthly Transaction Speed Index to rival Rightmove’s, revealing which areas of the UK have seen the fastest sales.
In a sign that OnTheMarket (OTM) is upping its game since being bought by CoStar, the portal has launched a monthly Transaction Speed Index that tracks average SSTC times across the country as well as individual London boroughs.
When US property giant CoStar bought OTM in October it announced plans to invest hundreds of millions of pounds in a drive to make OTM the market leader – and this Rightmove-rivalling initiative would appear to be part of that process.
The first edition of the portal’s Transaction Speed Index is being launched today and OTM has highlighted some of the key data.
According to the index Plymouth’s average transaction times (instruction to SSTC) are the speediest at 32 days. Newcastle-upon-Tyne comes a close second with homes taking on average 35 days to get to SSTC, followed by Luton and Bristol in joint third place (both 37 days).
Sales inside 30 days
Plymouth and Newcastle are the two locations with the largest proportion of homes getting to SSTC within 30 days with 63% and 62% respectively.
The seaside resort of Blackpool has the slowest sales market at 62 days, almost twice as long as Plymouth.
The average in London was 53 days although timings varied wildly across the Capital. The fastest borough is Bexley at 41 days, with the City of Westminster and Kensington & Chelsea the two slowest at 70 days.
A combination of regional factors is coming into play including demand, available stock, number of applicants, competition and pricing.”
Jason Tebb, President of OnTheMarket (main image), says: “With a good mix of southern and northern towns making up the fastest and slowest regions on our list, the north/south divide can’t be used to explain away varying transaction speeds.
A combination of regional factors is coming into play including demand, available stock, number of applicants, competition and pricing.”
