Editor's note: This brief was summarised by The Property AI Team from a report by PropertyWire. Read the original article for full details.
London Transactions Slowest in Britain
Property transactions in London now take an average of 174 days from agreed sale to completion, according to analysis by Rightmove. This makes London the slowest region in Britain for completing home moves.
The data highlights significant regional differences in transaction times. The North East of England completes transactions 33 days faster than London on average, making it the quickest region in England. Scotland records the fastest completion times overall at 98 days, attributed to its different legal framework, including Home Reports and upfront information requirements.
Regional and Property Type Variations
At a local level, Clackmannanshire in Scotland completes transactions in 76 days on average, the fastest in Britain. In contrast, Slough records the longest completion times in England at 229 days. North East Derbyshire is the fastest English location outside Scotland at 120 days.
Rightmove’s data shows it currently takes 216 days on average for a seller to move in Britain, comprising 62 days to find a buyer and 154 days to complete. This is the longest total process recorded at this time of year. Flats take 169 days on average to complete, compared to 149 days for terraced and semi-detached houses.
Market Implications for Agents and Clerks
The findings come as buyers face rising mortgage costs, with delays potentially affecting mortgage offers, school places, and rental arrangements. Rightmove estimates £205 billion in residential property value is currently listed for sale on its platform, representing significant potential economic activity through mortgages, fees, and home improvement work.
The Government has committed to reforming the homebuying process in coming years, including introducing legislation mandating sales packs. Industry figures suggest sellers should instruct conveyancers and prepare paperwork early, while buyers with finances and solicitors in place are more likely to maintain transaction momentum.
Source: PropertyWire