North-south divide leaves Londoners waiting the longest for completion

A new analysis by Rightmove reveals the extent of the north-south divide when moving home.

The research found London is the slowest region in Great Britain to complete a move, taking an average of 174 days from agreed sale to completion. By contrast, in the North East of England it takes an average141 days to complete a property transaction. Scotland’s separate legal process enjoys a faster transaction time, with an average 98 days.

It currently takes 216 days on average for a seller to move in Great Britain, made up of 62 days to find a buyer and 154 days to complete the move – the longest the time the total process has ever taken at this time of year.

Flats are the slowest type of property to complete a move (169 days), with terraced and semi-detached houses at 149 days.

Johan Svanstrom, Rightmove’s CEO, said: “A healthy housing market depends on people being able to move home easily and with certainty. However, the entire home-moving process currently takes more than seven months on average, making this the longest summer wait on record.

“An average 154 day wait to complete the transaction process itself is simply far too long. Rightmove data shows that in some parts of the country the delays are even more significant.

“Housing mobility is closely linked to economic growth. We believe greater digitisation of moving journey processes, stronger information standards and transparency to all stakeholders is key.”

Brad Fordham, head of mortgage distribution and underwriting at NatWest Group, said: “The Rightmove figures released today show we need to reduce the time it takes people to move house in the UK. Delays within the conveyancing journey cause emotional distress and real financial costs for our customers.

“We believe that widespread adoption of digital technology is the fastest way the industry can accelerate the home ownership journey. Our partnership with Rightmove allows prospective homeowners to get a mortgage in principle decision, so they can view properties confident they can afford them.”

A Rightmove analysis earlier this year found that 23% of transactions initially fall through, while around 6% of property transactions fall through and don’t come back to market within 12 months, with long completion times and an uncertain process a key cause.

Nick Leeming, chairman of estate agents Jackson-Stops, said home buying and selling reforms must remain a priority for the new government. He added: “We have seen positive signs, but maintaining momentum will be essential to delivering a process that provides greater certainty for buyers and sellers and supports a more fluid housing market.”

 Source: Rightmove