New report reveals UK’s hotspots for quickest property sales

According to a report by The ValPal Network, transactions for homes in West Paddington postcodes are now completed in, on average,198 days - 21 days quicker than the UK average.

The ValPal Network, which works with 800 estate and letting agency brands across the country, found a number of areas currently bucking the national trend.

Homes in Halifax, West Yorkshire, are currently selling within 199 days and in Sutton, Surrey they are selling within 201 days.

The next quickest place to move is Huddersfield where deals are completed within 203 days and the fifth fastest spot is Oxford where sales happen within 204 days.

Data indicates that it takes an average 220 days to sell a home comprising 23 days “pre-consideration” period, 62 days on the market and around 135 days to complete finance, conveyancing and legal checks.

July’s Halifax House Price Index showed that the value of homes dropped by an average of 0.3% in July – a fourth consecutive dip. But the pace of annual decline eased from -2.6% in June to -2.4% last month.

Craig Vile, the Director of The ValPal Network, said: “The reality is that house prices have changed very little over the last six months. The difference is that market activity is more restricted because of the UK economy in general. Even so, first-time buyer interest is holding up well and people are still moving.

Attractive proposition

“That’s why it’s interesting to see that many areas of the country are managing to complete sales faster than others.

“And for anyone involved in property transactions, the most frustrating thing to deal with, at any point in a chain, is delay.

 “Speed to lead is key. But this starts right at the moment someone requests a valuation. Agents who can offer a speedier and faster service will find themselves a far more attractive proposition to those looking for help and support in moving.

“Our research has revealed speed is vital when it comes to converting sales leads into instructions. Responding within the first minute of a lead being generated increases the chances of conversion by 391%. We found a response within 5 minutes is still 21 times more effective than taking action after 30 minutes. But after that 5 minute window, the odds of qualifying a lead drop by 80%.

“In a world where we increasingly demand an instant response and same-day delivery, speed to lead really has never been more important. Agents in West London, Sutton, Oxford and parts of Yorkshire seem to be leading the way in doing this - so the rest of the country needs to catch up to ensure they are giving themselves the best chance of success in a very competitive market.”

To find out more details of how The ValPal Network can help create quicker property transactions for clients visit: https://www.valpal.co.uk/services-connect

You can see the full data insights page on The ValPal Network’s website.