Data reveals quickest sales in UK’s sticky housing market

A new report shows that average sales in the UK take a depressingly long time - some 220 days.

This comprises of a 23-day “pre-consideration” period, 62 days of the property actually being on the market and around 135 days to complete finance, conveyancing and legal checks. 

The data comes from PropTech company The ValPal Network and director Craig Vile says: “For anyone involved in a property transaction one of the most frustrating things to deal with, at any point in a chain, are delays. That’s why it’s interesting to see that many areas of the country are managing to complete sales faster than others. 

“Speed to lead is key. But this starts right at the moment someone requests a valuation. Agents who can offer a speedier and faster service will find themselves a far more attractive proposition to those looking for help and support in moving.”

In details, TVPN says properties in West London are currently selling quicker than anywhere else in the UK. Homes in West Paddington postcodes in particular are now completed within an average 198 days, some three weeks quicker than the UK average. 

TVPN, which works with 800 estate and letting agency brands across the UK, reports that homes in Halifax, West Yorkshire, are currently selling within 199 days. In Sutton, Surrey they are selling within 201 days. The next quickest place to move is Huddersfield where deals are completed within 203 days. The fifth fastest spot is Oxford where sales happen within 204 days.

Investors selling up are likely to want to use agents with proven records of quick sales.

Vile gives his view of how agents should react to a possible instruction: “Our research has revealed speed is vital when it comes to converting sales leads into instructions. Responding within the first minute of a lead being generated increases the chances of conversion by 391 per cent. 

“We found a response within five minutes is still 21 times more effective than taking action after 30 minutes. 

“But after that five minute window, the odds of qualifying a lead drop by 80 per cent. In a world where we increasingly demand an instant response and same-day delivery, speed to lead really has never been more important. 

“Agents in west London, Sutton, Oxford and parts of Yorkshire seem to be leading the way in doing this - so the rest of the country needs to catch up to ensure they are giving themselves the best chance of success in a very competitive market.”

* The ValPal Network is a product of Angels Media, publisher of Property Investor Today and other industry titles. *