A breakdown of data from over 4,100 agents has revealed that it takes on average 201 days to move home, from the first consideration of selling up to the date of completion.
While other analyses show ‘time on the market’ this new analysis is believed to be the first event to calculate the seller’s consideration period including making the decision to sell and choosing an estate agent.
Using data from Rightmove, the Land Registry and conveyancing firm MyHomeMove, the calculation has been made by the ValPal Network - an instant valuation tool, produced by Angels Media, the publisher of Estate Agent Today and Letting Agent Today.
It has looked at 54,000 completions from the point at which someone values their home online to when it appears as sold on Land Registry records.
The breakdown includes each stage of the process, and claims it takes an average of 58 days from valuation for a vendor to choose an agent and get a property ‘on the market’, plus another 62 days to sell, and then around 81 days to arrange the conveyancing and finance.
In 2015 the average total time for the process was 278 days; this improved to 194 days last year. Figures for 2017 so far suggest a further slowing, which the ValPal Network attributes to buyers and sellers being tentative because of the General Election and widespread economic and political uncertainties.
The 2016 figure may also have been unusually rapid as buy to let investors sought to beat the additional homes stamp duty surcharge introduced in April that year.
“Our data shows that on average the home moving process is speeding up and becoming more efficient. Advances in technology have definitely played a role here. This is critical information for agents as it shows an all important ‘window of opportunity’ from the point at which a vendor values their house and shows intent to sell and then chooses an agent” says Craig Vile, director at the ValPal Network.
He says home movers - particularly millennials - now want to be able to carry out their valuations, property searches or obtain mortgage advice outside of traditional working hours.
“Technology is helping estate agents, mortgage brokers and other property firms to adapt to these changes and provide the modern consumer with the 24/7 service they desire” says Vile.
The ValPal Network now reaches 25 per cent of the UK estate agency market.