The average time it takes to sell a UK home has jumped 50% to 65 days compared to a year ago, while property exchanges have risen 5% to 139 days, data from TwentyEA shows.
The property database points out that completion delays — resulting from a variety of legal, conveyancing and other problems in the home moving chain — vary across regions.
TwentyEA strategic solutions director Stuart Ducker says: “In Scotland, the average time to exchange in 2023 was only 105 days – this is because they have a separate legal system.
“Northern Ireland is at the other end of the spectrum, with 175 days. Regions in England range from 124 days in Yorkshire, to 155 days in the East of England.”
However, the firm does point out that the current average national selling period of 65 days, is 13% lower than 2019, before the pandemic.
It adds that the volume of fallen through sales has fallen by over 5% this year, compared to 12 months ago, although it remains 9% higher than 2019.
Ducker adds: “When we look at the movement in fallen through volumes in the past year by price band, we observe that the lowest priced properties [lower than £200,000] are now significantly less likely to have a fall through than the prior year.
“On a regional level, Scotland [up just under 10%], the North West [over 5% higher] and West Midlands [up by just under 5%] have seen increases in the volume of fallen through triggers, while all other regions have experienced a fall in the volumes of fallen throughs.
“This does not really appear to be related to supply and demand.”
