London sellers now face an average 244-day journey from listing their property to completing a move according to Rightmove analysis highlighting a widening north-south divide.
The capital records a 70-day wait to find a buyer followed by another 174 days to complete the transaction — the joint-longest summer completion period in Rightmove’s records dating to 2012.
By comparison, sellers in the North East complete the process in 194 days, including 53 days to secure a buyer and 141 days between agreeing the sale and completion.
Across Great Britain, moving takes a record 216 days on average: 62 days to find a buyer and 154 days to complete. That is 36 days, or 31%, longer than in 2019.
AGENTS HOLD CHAINS TOGETHER
Flats record the slowest completion time at 169 days, compared with 149 days for terraced and semi-detached homes, reflecting potential complications including leasehold documentation.
Rightmove estimates that £205 billion of residential property is currently advertised on its platform. Once buyers are found, those transactions face the lengthy legal and administrative process before generating completion fees for agents and work for lenders, conveyancers and other property businesses.
The platform says 23% of transactions initially fall through, while around 6% collapse and do not return to the market within 12 months.
Johan Svanstrom (main picture, onset), Rightmove CEO, says: “A healthy housing market depends on people being able to move home easily and with certainty. However, the entire home-moving process currently takes more than seven months on average, making this the longest summer wait on record.
“An average 154 day wait to complete the transaction process itself is simply far too long. Rightmove data shows that in some parts of the country the delays are even more significant. Housing mobility is closely linked to economic growth. We believe greater digitisation of moving journey processes, stronger information standards and transparency to all stakeholders is key.”
DIGITAL REFORM BACKED
Rightmove supports the Government’s home-moving reform programme, including greater digitisation, earlier information sharing and stronger data standards.
Brad Fordham, Head of Mortgage Distribution and Underwriting at NatWest Group, says: “The Rightmove figures released today show we need to reduce the time it takes people to move house in the UK.
“Delays within the conveyancing journey cause emotional distress and real financial costs for our customers. We believe that widespread adoption of digital technology is the fastest way the industry can accelerate the home ownership journey.
“Our partnership with Rightmove allows prospective homeowners to get a mortgage in principle decision, so they can view properties confident they can afford them.”
Rightmove’s existing digital services include an online mortgage in principle developed with NatWest, affordability tools, an equity tracker and online agent valuations.
SCOTLAND LEADS THE WAY
Scotland is the fastest market, taking 127 days from listing to completion, including 98 days after a sale is agreed.
Rightmove links this partly to Scotland’s different legal system, greater use of upfront information and earlier certainty for buyers and sellers.
Clackmannanshire records Britain’s shortest completion period at 76 days, while Slough is the slowest at 229 days. North East Derbyshire is the quickest area outside Scotland at 120 days.
INDUSTRY REACTION
Nick Leeming, Chairman of Jackson-Stops, says: “Despite continued intent and activity in the market, reforming the home-buying and selling process must remain a priority for our new Housing Minister and the Government.
“We have seen positive signs, but maintaining momentum will be essential to delivering a process that provides greater certainty for buyers and sellers and supports a more fluid housing market.
“Once a sale has been agreed, there are a number of legal and administrative stages before completion, involving conveyancers, mortgage lenders and local authorities.
“Completion times naturally vary across the country because every transaction has its own circumstances, including factors such as local authority search turnaround times, the complexity of individual transactions and the length of property chains.
“Throughout that process, experienced estate agents have an important role to play in maintaining clear communication between buyers and sellers.”
EARLIER PREPARATION NEEDED
Craig Webster, Managing Director at Tiger Estates & Management in Blackpool, says: “Uncertainty is often more frustrating than the timescale itself.
“The length of time it takes to move home remains one of the biggest frustrations for buyers, sellers and estate agents alike.
“Buying a home is not delayed by one big issue; it’s usually delayed by dozens of small ones that accumulate throughout the transaction.
“The greatest opportunity to reduce completion times is through earlier preparation and better transparency.
“The Government’s commitment to modernising and digitising the home-moving process is a positive step.
“Technology is not a silver bullet, but it can remove much of the avoidable friction from the process.
“The real opportunity is combining better digital systems with experienced property professionals who can proactively manage transactions, keep buyers and sellers informed, and identify potential issues before they become costly delays.
“Ultimately, anything that improves transparency, communication and efficiency will help give consumers greater confidence in what is often one of the biggest financial decisions of their lives.”
FRUSTRATING UNNCERTAINTY
Ian Harris, NAEA Propertymark President, says: “These figures show that the biggest frustration for consumers isn’t necessarily just about finding a buyer; it’s the lengthy period between agreeing a sale and actually moving.
“Months of uncertainty can affect everything from mortgage offers and school places to removals and rental arrangements.
“While government reforms to modernise the process are welcome, there are practical steps people can take now. Sellers should instruct a conveyancer and prepare paperwork as early as possible, while buyers who have their finances in place and a solicitor ready are more likely to keep transactions moving.
“A faster, more transparent home-moving system would benefit both consumers and the wider housing market.”
