The North East has recorded the fastest property transaction times in England, with 58.4% of sales progressing to exchange within three months, according to new data from TwentyEA.
Yorkshire and The Humber followed closely at 55.6%, with the East Midlands at 50.4%, the West Midlands at 49.9% and the North West at 47.6%. Outer London recorded the slowest rate at 31.1%.
In Scotland, where a different legal system applies, 72% of agreed sales reached exchange within three months, significantly faster than any English region.
The findings were published in TwentyEA’s latest Property & Homemover Report, which analysed transaction speeds across regions and price bands.
Lower-priced properties complete faster
The data revealed a clear correlation between property value and transaction speed. Properties priced below £200,000 demonstrated the fastest completion rates, with 54.2% reaching exchange within three months.
This compared with 48.4% of properties priced between £200,000 and £350,000, dropping to 39.8% for homes valued between £350,000 and £1 million, and 38.2% for properties worth £1 million or more.
After five months, 75.6% of sub-£200,000 transactions had reached exchange, compared with 58.3% of £1 million-plus sales. At the upper end, 8.1% of £1 million-plus transactions took seven months or longer to reach exchange, more than double the 3.3% recorded for properties below £200,000.
The findings come as transaction volumes remain under pressure across the wider property market.
Freehold versus leasehold
The analysis also examined how property tenure affected transaction times. Freehold properties reached exchange considerably faster than leaseholds, with 46.4% of freehold transactions completing within three months, compared with 34.9% of leaseholds.
By five months, 70.4% of freehold transactions had progressed to exchange, compared with 60.4% of leaseholds. However, the difference narrowed by six months, when 96% of freeholds and 94.3% of leaseholds had reached exchange.
Leasehold transactions were more likely to take seven months or longer, at 5.7% compared with 4% of freeholds.
Nick Huntley, Director of TwentyEA, said: “Lower-priced properties carry their momentum through to exchange more effectively. With a broader pool of buyers at the more affordable end of the market, these sales may be better placed to progress quickly, particularly with a higher proportion of agile first-time buyers who have no property to sell.”
He added: “Higher-value transactions can be more exposed to changes in financing, affordability and buyer circumstances, alongside additional considerations around original listed features, land boundaries and other complexities commonly associated with properties at the upper end of the market.”
Huntley noted that the figures highlighted the additional time involved in buying and selling leasehold properties, with more parties and paperwork often contributing to longer exchange times compared with freehold homes.
The data provides insight into regional variations in property transaction efficiency, with implications for buyers, sellers and industry professionals managing completion timelines.
