New data from View My Chain, reveals a significant north/ south divide in the speed of property transactions across the UK, with the fastest sales taking place in the north east.
In the North East it takes an average 83 days to progress from offer accepted to completion. The process is slowest in London and the East of England, where it takes 100+ days, so on average, those in London and the East wait two and a half weeks more to complete than those moving home in the north.
Until now, most information on sales progression relied on qualitative information. Now, View My Chain data tracks, analyses and reports on 500,000 transactions, providing detail to support agents’ strategic planning and cashflow forecasts.
Three key reasons for regional differences:
- More cheaper properties in the North East that are quicker and easier to buy with cash;
- £1m + sales are more common in the capital, which are much more complex and thus, have longer completion times;
- Leasehold properties make up a larger proportion of properties in London, but generally take longer due to the additional paperwork. Properties sold under
£100,000 are taking just 88 days to complete, while leasehold flats over £1m could take 153 days. With high value sales, securing a prime property may bring great commission but, as most agents get paid on completion, that payment may take up to twice as long to arrive.
CEO Sohail Rashid says, “As an industry we haven’t had enough data on sales progression timings to understand how this can impact business, but now it’s possible to see what slows down sales, impacting on cashflow. View My Chain users find that our data and transparency means improved completion times, more instructions, better cash management and consumer satisfaction.”