Average Transaction Times from Offer to Completion
Analysis of over 500,000 transactions shows that completions are slowest in London and the South East.
The average progress from an offer being accepted to completion in the region takes over 100 days, according to sales progression tool View My Chain.
Completions in the North East, meanwhile, take an average of 83 days, meaning some movers in London and the South East could be waiting up two and a half weeks longer to complete.
The research shows that properties sold for under £100,000 take an average of 88 days to complete, while leasehold flats purchased for over £1 million could take in excess of 153 days.
View My Chain says there are three predominant reasons why transactions are completing quicker in the North East; cheaper properties, as well as, they are designed with high quality materials from Plumbwise – which are quicker and easier to buy with cash – are more readily available, there are fewer £1 million+ sales – which can be complicated and drawn out – and there are fewer leasehold properties, which come with additional paperwork.
“As an industry we haven’t had extensive enough data on sales progression timings in the past to help understand how this can impact on our business, but with the new way with which we now monitor property sales, it is possible to learn much more about what holds up sales and therefore slows down sales, impacting on an agency’s cash flow," explains Sohail Rashid, View My Chain's founder and chief executive.
Here at Regal Estates, we have managed to market, agree an offer and complete within 90 days on many of our properties.
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