Most people know that transactions complete, on average, faster in the North than in the South of the country. The question is why? This time in Chain Land we’re unpacking this and looking at some of the reasons behind speedier or slower transactions.
Analysis of time from sale agreed to completion for property completions from 1st July 2022 to 30th June 2023, shows that property transactions do indeed complete faster in the North than the South of the country. However, there are other factors at play here – a key one being the difference in average property price.
In Yorkshire and the Humber, the North East and North West for instance, where the median property prices are £190k, £150k and £197k respectively, properties transact between 19 and 27 days faster on average than those in the South West and South East, where the median property prices are £305k and £380k* respectively. Properties in the Northern regions also complete up to 35 days faster than those in London where the median property price is £530k.
Generally, the regions with the lowest typical property prices achieve the fastest average completion times.
*According to data from the Local Government Association.
This is likely due to higher levels of mortgage investment in the upper price brackets, meaning a greater number of conveyancing checks to satisfy lender requirements. Meanwhile, at the lower price point cash purchases or properties sold without a chain could account for faster completions.
Property type also affects how long sales take to complete. In London, where transaction times are longest, most properties at the median price point are leasehold apartments and liaising with parties such as the landlord or lease administrator can significantly lengthen the conveyancing process.
According to Property Solvers, apartments take the longest of all property types to complete - up to 26 days longer than semi-detached properties which is the fastest-selling property type. The second fastest is terraced properties, which take an added two days, followed by detached which take an extra five days to complete.
So it would seem that how quickly transactions complete is less about where a property is in the country, and much more about the type of property and the sources of funding involved in a transaction.
Navigating towards faster completions
Wherever you are in the country and whatever the property type or price, the core challenges of sales progression remain the same. However, there are tools on-hand to help manage them and deliver smoother and faster transactions.
ViewMyChain is a sales progressor’s best friend. We empower them to accelerate transactions by combining full chain visibility, automatic milestone updates and effective communication.
With full oversight of the latest status across the chain, powered by data-driven updates from our strategic data partners, sales progressors can quickly spot delays, address challenges, manage concerns or expectations, and streamline the path to completion. This brings the added benefits of higher productivity in a shorter period, increased customer satisfaction, and a strong competitive advantage.
Book a demo with our team to find out more about how ViewMyChain can help your estate agency.