Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

UK Property Transactions Now Take 216 Days to Complete, Says Rightmove

UK property transactions are now taking an average of 216 days from listing to completion, according to new analysis by Rightmove. This marks the longest average transaction time recorded at this point in the year since Rightmove began tracking the metric.

Rightmove’s data reveals that it currently takes 62 days on average to secure a buyer, followed by a further 154 days from sale agreement to completion. The extended timeline is affecting estate agents across Great Britain, who are experiencing the longest wait on record to receive commission payments.

Regional and Property Type Variations

Completion times vary significantly across the UK. London has the slowest transaction period, with agreed sales taking an average of 174 days to complete, compared to 141 days in the North East. Scotland records the fastest completion rate at 98 days, attributed to its distinct legal process and greater use of upfront information.

Among property types, flats are the slowest to complete at 169 days on average, while terraced and semi-detached homes complete in approximately 149 days.

Local Authority Data

At the local authority level, Slough has the longest completion time at 229 days, followed by Brentwood at 209 days and Colchester at 205 days. In contrast, Scottish local authorities such as Clackmannanshire (76 days), Angus (77 days), and Dumfries and Galloway (77 days) have the fastest completion times. Outside Scotland, North East Derbyshire (120 days) and North East Lincolnshire (122 days) are the quickest.

Financial and Operational Implications

The prolonged completion periods present challenges for estate agents, with sales tied up for months after agreement. Rightmove’s previous research indicates that nearly a quarter of agreed sales initially fall through, with around 6% failing altogether and not returning to market within a year. The portal estimates £205 billion worth of residential property currently listed on its platform must navigate the completion process before transactions finalise.

Rightmove notes that completion times have increased by 36 days since 2019, despite technological advances. Factors contributing to delays include high conveyancing workloads, lengthy chains, leasehold complexities, and manual processes. Interest rate uncertainty is also cited as adding complexity to transaction timelines.

Rightmove has expressed support for government proposals to reform the home-moving process, including earlier information sharing and greater digitisation of conveyancing, which it argues could reduce fall-throughs and improve certainty for all parties involved.