Residential homes are taking an average of 12 weeks to sell in West London, according to research from fast house sale firm Property Solvers.
Updated monthly, the data tracked 7,624 property sales in Greater London between July 2018 and July 2019, with homes taking an average of 15 and a half weeks to sell.
The tool calculates the time period between a property’s initial listing on Rightmove to when it’s officially marked as ‘sold’ at HM Land Registry.
“Although we’re not able to monitor every house sale from start to finish at this stage, our data collection has captured a decent cross-section of the Greater London market,” says James Durr, co-founder of Property Solvers.
Whilst the latest statistics revealed that over 20 sales in West Central and East Central London were taking as little as five weeks on average, West London was the best performer – with a more statistically significant number of sales.
In more central parts of the city – including Marylebone and Paddington, stretching out to Chiswick, Ealing and Hanwell – 244 homes took an average of 12 weeks to sell.
Meanwhile, the slowest sales times were seen in North London (including Kings Cross, Finchley, Southgate, Barnet and Enfield) and in the London Borough of Sutton.
Commenting on the latest data, Durr adds: “It’s been encouraging to see a relatively speedy velocity of house sales across West London.”
“It’s arguably a testament to estate agents taking a more realistic approach to pricing alongside more efficient mortgage processing, survey and conveyancing process coming into play.”
He concludes: “As this data will be updated on a monthly basis, it will be interesting to see if these trends continue – especially as tech becomes a fundamental component of any property-related business or service.”