The West Midlands is the only region in England where it takes under 300 days for a property sale to complete.
The latest research from estate agent comparison site GetAgent.co.uk has revealed that from January to June this year, the average home sold in 286 days in the West Midlands – a nine-day increase compared with July to December 2020.
This compares with the national average of 320 days from being listed for sale to being noted as sold with the Land Registry, which, says the agency, is a 16-day increase from the second half of 2020.
The North East saw the largest increase in the time taken to sell a home, with the average taking 339 days to sell during the first six months of this year, 38 days longer than the previous six months.
Buyers in London and the South West experienced some of the largest increases in transaction times with an additional 26 and 19 days respectively. The capital also had the longest time to complete a sale transaction at 363 days.
In the North East, home sales took 339 days to complete while in the East of England it was 332 days.
Colby Short, founder and CEO of GetAgent.co.uk, said: “The property market has continued to defy expectations during 2021, fuelled by the government’s decision to extend the stamp duty holiday. Unfortunately, the compromise continues to be an increase in the time it’s taking for transactions to complete.
“With lengthy delays having already amassed during the latter half of last year, the average time it’s taking for sales to complete has increased by just over two weeks so far in 2021 – although this stretches to over five weeks in the capital.
“While this might not sound particularly significant, even a day or two can seem like a lifetime when you’re waiting for the keys to your new home.”
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