It now takes an average of seven months for a home sale to complete in Britain, according to new analysis from Rightmove. As your local property experts, here is what the figures show and what it means for anyone thinking of moving.
The data shows it takes an average of 62 days to find a buyer and a further 154 days from agreed sale to completion, bringing the total moving process to 216 days, the longest at this time of year on record.
London is the slowest region in the country, with completions taking an average of 174 days once a sale is agreed. Scotland is the fastest part of Britain from start to finish, at 98 days, thanks to a different legal process that gives buyers and sellers more certainty earlier on. Flats are taking longer to complete than houses, at 169 days compared with 149 days for terraced and semi-detached properties. Overall, the process now takes 36 days longer than before the pandemic, a 31% increase.
Rightmove says the delays are being driven by rising caseloads among conveyancers and a fragmented, largely manual process. Its chief executive Johan Svanstrom has called for greater digitisation and stronger information standards across the industry.
At Drivers & Norris, we understand how frustrating a long wait to complete can be. That is why we offer reservation agreements through our partner Gazeal, giving buyers and sellers greater certainty once an offer is agreed, and work with trusted conveyancers through our network with The Guild of Property Professionals to help keep transactions moving without unnecessary delays.
If you would like to learn more, feel free to get in touch.
Source: Estate Agent Today
— Drivers & Norris