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BarryM

Average Time Between Offer And Completion Falling - Central London Property Sales

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As an estate agent in London we've noticed that the average time taken between a buyer making an acceptable offer and exchange has fallen marginally compared to last year's figures, from 7.3 weeks to 6.4 weeks. The time therefter to completion has also fallen, to just over three weeks from 4.1 weeks a year ago.

Whether or not these figures are statistically significant or not we can't say, but it does illustrate what we're seeing on the ground - that buyers and vendors are tending to be more decisive once a sale has been agreed.

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Whether or not these figures are statistically significant or not we can't say, but it does illustrate what we're seeing on the ground - that buyers and vendors are tending to be more decisive once a sale has been agreed.

How many sales? In the current market I suspect nowhere near enough to be statistically significant.

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As an estate agent in London we've noticed that the average time taken between a buyer making an acceptable offer and exchange has fallen marginally compared to last year's figures, from 7.3 weeks to 6.4 weeks. The time therefter to completion has also fallen, to just over three weeks from 4.1 weeks a year ago.

Whether or not these figures are statistically significant or not we can't say, but it does illustrate what we're seeing on the ground - that buyers and vendors are tending to be more decisive once a sale has been agreed.

How much buying and selling is actually taking place?

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I would have thought fewer transactions means quicker turn-around in all parts of the process, from searches to conveyancers to mortgages.

Probably because of the decline in transactions a larger percentage will now be cash, not requiring a mortgage.

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Its' most probably down to a suggestion of the chain is now much shorter and in some cases chainfree.

the other possibility is that the solitocitors has so much less clients therefore more time to work more on the little work around.

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the solicitor who recently organised my sale told me that the lack of other conveyancing work meant that she could dedicate more time to my sale, ensuring things proceeded speedily (I feared that the buyers might get cold feet in light of scary news stories)

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Our seller stretched out the period between offer and completion to 5 months. In the end we never exchanged or completed because prices had dropped so much we couldnt agree on a fair price. What I would suggest is happening in those figures, is that buyers with a long period between offer and exchange will have simply pulled out of a purchase and thus the period between offer and exchange has appeared to have got less, when in really it hasnt, just lots of people are pulling out instead.

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As an estate agent in London we've noticed that the average time taken between a buyer making an acceptable offer and exchange has fallen marginally compared to last year's figures, from 7.3 weeks to 6.4 weeks. The time therefter to completion has also fallen, to just over three weeks from 4.1 weeks a year ago.

Whether or not these figures are statistically significant or not we can't say, but it does illustrate what we're seeing on the ground - that buyers and vendors are tending to be more decisive once a sale has been agreed.

What this illustrates is conveyancing solicitors have a lot less work and far more time. The few involved in the house-buying process at the moment are probably quite stunned by relatively speedy responses from their solicitors.

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What this illustrates is conveyancing solicitors have a lot less work and far more time. The few involved in the house-buying process at the moment are probably quite stunned by relatively speedy responses from their solicitors.

Exactly, I'm involved in a purchase/sale at the moment and the solicitor is turning things around far quicker than I've ever experienced in the last 8 years. Typically within a couple of days. Unfortunately, the local search, plus all other stuff still takes forever :(

Will post a new thread detailing the whole thing when/if this whole saga is over.

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Exactly, I'm involved in a purchase/sale at the moment and the solicitor is turning things around far quicker than I've ever experienced in the last 8 years. Typically within a couple of days. Unfortunately, the local search, plus all other stuff still takes forever :(

Will post a new thread detailing the whole thing when/if this whole saga is over.

Look forward to the full account.

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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