Property transactions in London take an average of 174 days from agreed sale to completion, making it the slowest region in Britain for completing home moves, according to analysis by Rightmove.
The data reveals significant regional variations in transaction times across Britain. The North East of England completes transactions 33 days faster than London on average, making it the quickest region in England. Scotland records the fastest completion times overall at 98 days, attributed to its different legal framework including Home Reports and upfront information requirements.
Regional variations
At a local level, Clackmannanshire in Scotland completes transactions in 76 days on average, the fastest in Britain. Slough records the longest completion times in England at 229 days. North East Derbyshire is the fastest English location outside Scotland at 120 days.
The portal’s data shows it currently takes 216 days on average for a seller to move in Britain, comprising 62 days to find a buyer and 154 days to complete. This represents the longest total process recorded at this time of year. Flats take 169 days on average to complete, compared to 149 days for terraced and semi-detached houses.
Market implications
The findings come as buyers face rising mortgage costs, with delays potentially affecting mortgage offers, school places, and rental arrangements. Rightmove estimates £205 billion in residential property value is currently listed for sale on its platform, representing significant potential economic activity through mortgages, fees, and home improvement work.
Johan Svanstrom, Chief Executive of Rightmove, said: “An average 154 day wait to complete the transaction process itself is simply far too long. 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.”
The Government has committed to reforming the homebuying process in coming years, including introducing legislation mandating sales packs. Against the backdrop of persistent inflation concerns, industry figures suggest sellers should instruct conveyancers and prepare paperwork early, while buyers with finances and solicitors in place are more likely to maintain transaction momentum.
Ian Harris, President of NAEA Propertymark, noted that the data shows consumer frustration stems not from finding buyers, but from the lengthy period between agreeing sales and completing moves.
