Places where it takes six months to complete are revealed

Londoners face the longest wait to complete a property transaction, analysis by Rightmove reveals.

The research by the portal highlights the extent of the north-south divide when moving home.

London is the slowest region in Britain to complete a move, taking an average of 174 days from agreed sale to completion – which is almost six months.

By contrast, in the North East of England, it is more than a month – at 33 days on average – quicker to complete a property transaction. The North East is the quickest region in England to complete a move.

Scotland is the fastest part of Britain overall to complete a move – at 98 days on average – due to its different legal processes. This includes greater use of upfront information, Home Reports and earlier certainty for buyers and sellers.

Looking at the data more locally, Clackmannanshire in Scotland is the fastest area to complete in Britain – at 76 days -, while Slough in England is the slowest – at 229 days. North East Derbyshire is the fastest area to complete outside of Scotland at 120 days.

A healthy housing market depends on people being able to move home easily and with certainty.”

It currently takes 216 days on average for a seller to move in Britain, made up of 62 days to find a buyer and 154 days to complete the move, the longest this total process has taken at this time of year on record, Rightmove said.

Flats are the slowest type of property to complete a move at 169 days, versus terraced and semi-detached houses at 149 days.

It comes amid the Government’s commitment to reform the homebuying process in the coming years, including introducing legislation mandating sales packs.

Emphasising the economic scale at stake, Rightmove said there is an estimated £205billion in residential property value currently for sale on the portal, from which there are mortgages, services, fees and potential home-upgrade work opportunities once the properties complete.

Healthy housing market

Johan Svanstrom (pictured), Chief Executive of Rightmove, says: “A healthy housing market depends on people being able to move home easily and with certainty. However, the entire home-moving process currently takes more than seven months on average, making this the longest summer wait on record.

“An average 154 day wait to complete the transaction process itself is simply far too long. Rightmove data shows that in some parts of the country the delays are even more significant. Housing mobility is closely linked to economic growth. We believe greater digitisation of moving journey processes, stronger information standards and transparency to all stakeholders is key.”

He adds: “These figures show that the biggest frustration for consumers isn’t necessarily just about finding a buyer, it’s the lengthy period between agreeing a sale and actually moving. Months of uncertainty can affect everything from mortgage offers and school places to removals and rental arrangements.

“While Government reforms to modernise the process are welcome, there are practical steps people can take now. Sellers should instruct a conveyancer and prepare paperwork as early as possible, while buyers who have their finances in place and a solicitor ready are more likely to keep transactions moving.”