COVID and where it takes over 200 days to complete a house sale
A survey of completion times for house sales over the past four years suggests that the worst performing local authority area in the UK has a typical transaction of over 200 days.
A survey of completion times for house sales over the past four years suggests that the worst performing local authority area in the UK has a typical transaction of over 200 days.
The study does not look at the current ‘abnormal’ situation with a glut of deals underway to beat the stamp duty holiday deadline, at a time when many parts of the transaction chain are already under pressure from many people working from home.
However, looking at four years of transaction information provided by property consultancy TwentyCi, the online agency Emoov has assessed the long-term best and worst performing areas.
The best is Worcestershire, where a transaction typically takes 164 days; several other locations, including the dense West Midlands and Bristol areas, follow closely.
The worst performer is the City of London with a typical 208 days; Oxfordshire and Surrey are close behind.
“We can expect to see an even bigger increase in time on the market and how long that might be will depend upon where you are buying or selling in the UK. We can also expect the conveyancing process to add to these timelines, as the industry adjusts to working from home and the challenges that brings” says Naveen Jaspal, the agency’s chief operating officer.
