Portal launches industry’s first national ‘sales speed’ index

Property sales take longer in Southampton and Bristol than anywhere else in the country, OneDome's new figures show.

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Portal OneDome has produced a list ranking the fastest and slowest places in the country for property transactions.

Based on OneDome’s data the average time from SSTC to Land Registry completion is 15 weeks. The slowest areas are taking nearly four months and the quickest just under two-and-a-half.

Southampton is listed as the place where transactions take the longest at 120 days, closely followed by Bristol, 119 days.

The fastest places are North East Lincolnshire at just 79 days, and Kensington & Chelsea in London, 84 days.

Slowest postcode in the country is BS25, near Weston-super-Mare, with an average transaction time of 25 weeks.

Negative impact

OneDome’s  HomeBuying Speed Index figures cover Q2 this year, and calculate the speed of transactions for every postcode in England and Wales. It will regularly publish the five quickest and five slowest areas in the UK for property transactions.

“Transaction speed is becoming one of the most serious problems in the property industry,” a spokesperson says.

“Average property transaction pipelines are getting longer and longer, negatively impacting consumers and businesses (including some of the largest publicly listed companies) alike.

“It is OneDome’s hope that by highlighting this issue, all relevant parties in the industry will focus their attention on ways to speed up the process, and deliver a speedy and fit-for-purpose home buying and selling process.”

OneDome is one of half a dozen search platforms offering an alternative to Rightmove, Zoopla and OTM.

One Comment

  1. Interesting that the figures are based on SSTC to Land Reg completion. I am not sure who this time scale effects. For me the focus should be on SSTC to exchange of contracts. That is the venerable time that really effects the consumers. Once i agreed a sale where both parties were happy with a delayed completion of over a year. The exchange of contracts is the key event to give certainty.

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