The average time it takes for a seller to move home in Britain has reached a record 216 days, according to new data from property website Rightmove. This figure represents the longest wait since Rightmove began tracking such data.
The lengthy process is divided into two main stages: finding a buyer, which takes an average of 62 days, and the period from offer acceptance to the final move, which averages 154 days. Professionals in the property sector, including conveyancers, are reportedly struggling with high caseloads, contributing to these delays.
Flats are the slowest to complete transactions, taking an average of 169 days, while terrace and semi-detached houses take 149 days. Issues with property searches or complications within the property chain can also cause significant hold-ups.
London sellers face the longest waits, with an average of 244 days to complete a move. This includes 70 days to find a buyer and an additional 174 days from sale agreement to completion. The East of England and South East of England also experience extended timelines, with total move times of 237 days and 237 days respectively.
In contrast, Scotland emerges as the fastest region in Britain for home moves. The average time to find a buyer is 29 days, and the completion process from offer acceptance takes around 98 days, resulting in a total of 127 days. This efficiency is attributed to Scotland's distinct legal processes, which include greater use of upfront information and earlier certainty for parties involved.
Johan Svanstrom, Rightmove’s chief executive, highlighted that the total home-moving process now exceeds seven months on average, calling it the "longest summer wait on record." He emphasized that housing mobility is closely linked to economic growth and suggested that greater digitization, stronger information standards, and transparency are crucial for improving the process.
Efforts are underway to streamline the home-buying process. The Labour party has proposed reforms for England and Wales, including the wider use of reservation agreements. These agreements require buyers and sellers to pay a reservation fee and commit to a set timeframe, introducing a financial stake to encourage transaction completion. Proposals also aim to make more property information available earlier in the sales process.
Brad Fordham, head of mortgage distribution and underwriting at NatWest Group, stated that reducing the time it takes to move is essential, as delays cause emotional distress and financial costs. He echoed the sentiment that widespread adoption of digital technology is the quickest way to accelerate the homeownership journey.