SHOCK DATA: Just 14% of homes sold within 30 days of listing
New figures from agent comparison site GetAgent show that in some places, like Leicester, less than one in 10 properties are sold within 30 days.
Shocking new figures reveal that only 14% of homes listed recently for sale found a buyer in the first month following listing.
The platform looked at Zoopla’s listings to work out how many homes were being sold subject to contract within 30 days.
Cities saw the best results. Analysis by industry comparison site GetAgent shows that the figure rises to 20% in urban areas.
Little in Leicester
Performance varies greatly from one city to another, it was found, with London, Leicester and Birmingham all performing poorly in comparison to other cities.
Leicester saw just 9.8% sold within a month, which is the worst of the 10 cities surveyed, with London at 11.6% not much better and Birmingham recording 15.8%.
In Sheffield, agents are selling 22.9% of all homes listed within 30 days of them hitting the market.
In Bristol, the figure is 22.6% of homes are finding a buyer within a month, while in Newcastle it’s 22.5% and Leeds 20.4%.
There is a disappointing number of properties that have agreed to a sale in their first 30 days.”
Colby Short, co-founder and CEO of GetAgent.co.uk, says: “Even within the fastest selling areas of the market, there is a disappointing number of properties that have agreed to a sale in their first 30 days.
“Additionally, not all of these sales will complete, and many will have to be re-listed. This goes to show that it is still difficult to sell a property in the current market,” he says.
“However, many agents are doing a great job by pricing appropriately, maximising exposure for their listings, and managing to get sales agreed.”
When will we as an industry stop using such miss leading terminology? If you ask anyone in the street if something is sold, they would assume the transaction was complete. Of all the houses selling only a very small % will be exchanging contracts within 30 days of finding a buyer! Sold should mean SOLD.