Scottish time-to-sell nearly HALF of England and Wales
The average time from instruction to completion is 159 days in England and Wales but in Scotland it takes just 70 to 90 days from listing to completion.
Scotland’s property sales are leaving those in England and Wales for dust when it comes to transaction times, latest data from Landmark Information Group reveals.
In the UK, purchase transactions have taken 23 days longer to get to the point of exchange than in 2019 – from 92 to 115 days – a 25% increase over four years.
INSTRUCTION TO COMPLETION
In England and Wales the average time from instruction to completion for those selling a house is 159 days – a 9% increase on 2022. But in Scotland it takes just 70 to 90 days from listing to completion.
And despite more agents pushing for the use of upfront information general inefficiencies in both the English and Welsh markets are still slowing people’s ability to buy or sell homes.
Richard Hepburn, Director, Landmark Information Group, Scotland, told The Neg: “The dynamic of Scotland’s transaction pipeline and market overall allows for a more efficient transaction process with quicker turnaround times and fewer speculative bids, leading to reduced stress and improved confidence.”
In Scotland at the beginning of every listing process property professionals provide Home Reports which include a valuation survey, a seller questionnaire and an EPC. These are mandatory under Scottish Government requirements.
SPECULATIVE SELLERS
Hepburn says: “This immediate information deflects speculative sellers and buyers from participating and removes much of the back-and-forth between agents and solicitors.
“Our data shows that 30% of properties in Scotland are sold via conveyancers with estate agency front ends to their business, which shortens lines of communication.
Solicitors are involved far earlier in the process to handle the bids.”
“Even in traditional estate agencies, solicitors are involved far earlier in the process to handle the bids, making and receiving offers while operating under Law Society of Scotland Guidance.”
Hepburn believes process inefficiencies in the property chain are holding back the market in England and Wales with the uncertainty caused by lack of upfront information and the unnecessary complexity of key steps creating a ‘huge barrier’ to reducing the length of time it takes to progress transactions.
KEY REASON FOR DELAY
He says: “The fact that most transactions in Scotland use a standard sale and purchase contract acts to reduce conveyancer to conveyancer queries – a key reason for delay in England & Wales.”
More upfront information, he adds, and information-sharing between property professionals would reduce uncertainty during the entire transaction process.
Dropout levels are three to four times less than in England and Wales.”
He says: “The efficiency of the Scottish market means that dropout levels are three to four times less than in England and Wales.
“Registers of Scotland data is readily available (although marginally less so than England & Wales) and the transparency of, and access to, local authority data of 32 authorities online can be turned around in just 24 hours. This digitisation speeds up access and means that no physical visit is needed.
“For England and Wales to catch up, build confidence and remove uncertainty, the market would benefit from starting processes immediately upon listing a property – similarly to Scotland – and increasing collaboration and communication to close gaps.”
