New figures show that the average time it takes to complete a property transaction is now 27 days.
Rightmove found that home movers have been moving for an average of five-months during the summer.
The conveyancing process now takes just over four months, or 127 days.
It is a decrease of 27 days from 154 days in July when there was a backlog following the end the stamp duty holiday at June’s end.
Rightmove: Conveyancing is now quicker: Rightmove reports that it takes 127 days to complete the conveyancing process, compared to 154 days in July
According to the property portal’s data, the average time between 2017 & 2019 was three and half months or 104 Days. This suggests that conveyancing times may still be a long way off a full recovery
It was also noted that the national average time it takes for buyers to find them is 37 days. Therefore, sellers should allow for five and a 1/2 months.
According to the property website, this number will be one and a quarter million homes sold in Britain by the end of 2019. This would be the highest number of homes sold since 2007, at 47% more than in 2020, and 31% more than in 2019.
Rightmove estimates there have been 1.2 million transactions so far this year.
According to it, there are another 300,000. Home movers are likely to complete the conveyancing process in this year’s time.
This is based upon an average of 127 days from the date of sale to completion.
The legal process is ongoing for another 250,000 home-movers, which will be completed in early 2022.
In contrast, 150,000 home-moving professionals completed the legal process in October 2019.
Rightmove estimates that by the end this year, over one million homes across Britain will have been sold.
The 550,000 homes that are being sold currently include the 300,000 homes expected to be completed by the close of the year, and the additional 250,000 homes likely to be completed in 2022.
This is 160,000 less than October 2019, when it was 390,000. But, it’s still lower than June’s 700,000.
Rightmove’s Tim Bannister stated: “The good news is that people who are moving right now will hopefully see quicker conveyancing times than earlier in the year.
“There will likely be a conveyancing rush for December among people who want to be able celebrate the festive season in their new home.
‘Since 2014, the number home sales in a given year has been pretty consistent at between 1 million and 2 million. But the effects from the pandemic have disrupted this level and we’re likely end up with the highest sales in a single year since 2007.
“More people are moving and more people are moving to larger homes. Many also made use of the stamp duties holidays.
“Demand remains remarkably strong for this time year and sales are higher than usual for this time in 2019, and there seems to be a new group in the market.
“Some people are looking at whether they need to be close to a station to commute, and there are down-sizers realising that now is a good opportunity to cash in. First-time buyers also have renewed energy to find their ideal place in busy cities and towns.
“Sellers considering 2022 as their year to move should begin to plan. They could be in their new home by the spring of next year if they get started now.
