Lengthy delays push average sell time to 320 days

The time to sell a residential property across England has increased by just over two weeks during the first half of this year and in the run-up to the initial stamp duty deadline, fresh data shows.

Between January and June of this year, the average property was taking 320 days to sell, a 16-day increase compared to the 304 days taken during the latter half of 2020, according to the latest figures from GetAgent.co.uk.

The estate agent comparison site keeps a comprehensive record of transaction times by monitoring the point at which a property is listed for sale to its entry as sold with the Land Registry.

The North East has seen the largest increase in the time taken to sell a home. The average property in the region took 339 days to sell during the first six months of this year – 38 days longer than the previous six months.

London and the South West have also seen some of the largest increases in transaction times, with an increase of 26 days and 19 respectfully.

The capital also ranks top where the longest current time to sell is concerned. So far this year, the average home has taken 363 days to complete, with the North East and East of England also home to some of the longest property selling times, at 339 days and 332 days respectfully.

Not only is the West Midlands home to the quickest time to sell so far this year, but it is the only region where the average home is selling in less than 300 days – 286.

Founder and CEO of GetAgent.co.uk, Colby Short, commented: “The property market has continued to defy expectations during 2021, fuelled by the government’s decision to extend the stamp duty holiday. Unfortunately, the compromise continues to be an increase in the time it’s taking for transactions to complete.

“With lengthy delays having already amassed during the latter half of last year, the average time it’s taking for sales to complete has increased by just over two weeks so far in 2021 – although this stretches to over five weeks in the capital.

“While this might not sound particularly significant, even a day or two can seem like a lifetime when you’re waiting for the keys to your new home.”

Table shows the time to sell a home during the first 6 months of 2021 and how this compares to the previous six months
Location Average days to sell (July 2020 to Dec 2020) Average days to sell (Jan 2021 to Jun 2020) Change (days)
North East 301 339 38
London 337 363 26
South West 304 323 19
East of England 316 332 16
South East 306 321 15
East Midlands 292 303 11
West Midlands region 277 286 9
Yorkshire and the Humber 296 302 6
North West 304 307 3
England 304 320 16
Data sourced from GetAgent.co.uk based on the point a property is listed online for sale until it is registered as sold with the Land Registry.
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3 Comments

  1. ComplianceGuy

    I don’t understand how this can be.

    We’ve seen articles about demand outstripping supply.

    We’ve seen articles about weekend viewers being told midweek that the property had been sold.

    Everything we’ve seen indicates that houses are selling as soon as they hit the market.

    So on the assumption that it’s taken two weeks to go from For Sale to SSTC, we’re then saying it’s taken 9-10 months to complete?!

    I’ve got a friends, buying a leasehold; about to exchange. It’s been 2.5 months.

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  2. smile please

    Utter rubbish.

    This mob must not be factoring in the lag from completion to showing on land reg. which is a joke in itself as although a lag to show does show the date competition took place.

     

    property has never sold so fast, in the main searches and mortgage offers are out in a month. As slow as conveyancers are it’s not taking on average 10 months to go through.

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  3. PeeBee

    Let’s not forget that just a few Short weeks ago, the guy with the appropriate surname was the unfortunate individual to put his name to the idea of building on all the nation’s allotment sites – filling the space to the max with no means of entry or egress for those that would choose to live like battery hens in these new metropolises.

    It seems that he is one of several who believe that any exposure in the press is good exposure – the more ridiculous the better.  Luckily for them, there seems to be a reservoir of ridiculous “information” being produced for them to fill their boots good and proper and have their names attached to the latest bucket of shillbuttttery to be chucked at the fan in the hope some of it sticks long enough for someone to see their name.

    Some of the public might even believe this utter MDT – whatever purpose it may seek to serve – if it ever surfaces where they might find it.

    But I would suggest that this one is yet another that will simply be consigned to the ‘trade press’ as it saves them looking for real news, and guarantees comment from those within an entire industry that knows better and wishes to set the record straight, as the public deserve better than this.

    It’s almost as if behind all the billshuttery we are being relentlessly exposed to – supposedly dreamt up by several individual companies and figureheads for our entertainment – is in fact all coming from a single entity with an unsatiable addiction for column inches and undeniable track record of spouting complete b******s to gain attention.

    ANY attention.

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