The research calculated the time period between a property’s initial listing on Rightmove to the point at which it’s officially marked as ‘sold’ at HM Land Registry.
According to Property Solvers co-founder James Durr, “Although we’re not able to monitor every house sale from start to finish at this stage, our data collection has captured a decent cross-section of the Greater London market.”
Whilst the latest statistics revealed that over 20 sales in West Central and East Central London were taking as little as 5 weeks on average to sell, West London was the best performer (with a more statistically significant number of sales).
Covering more central parts of the city including Marylebone and Paddington, stretching out to Chiswick, Ealing and Hanwell, 244 homes took an average of 12 weeks to sell.
Fastest House Sale Markets (Greater London - July 2018 to July 2019)
West London - 12 weeks
Kingston-upon-Thames - 16 weeks
South West London - 16 weeks
South East London - 16 weeks
Redhill - 16 weeks
Romford - 16 weeks
Luton - 16 weeks
Bromley - 16 weeks
Enfield - 16 weeks
Harrow - 16 weeks
As you can see, the majority of houses across the capital took an average of 16 weeks to sell.
The slowest sales times were seen in North London (including Kings Cross, Finchley, Southgate, Barnet and Enfield) and in the London Borough of Sutton.
North London - 18 weeks
Sutton - 18 weeks
Guilford - 17 weeks
Twickenham - 17 weeks
Croydon - 17 weeks
Watford - 17 weeks
East London - 17 weeks
Southall - 17 weeks
North West London - 16 weeks
Illford - 16 weeks
Durr added: “it’s been encouraging to see a relatively speedy velocity of house sales across West London. It’s arguably a testament to estate agents taking a more realistic approach to pricing alongside more efficient mortgage processing, survey and conveyancing process coming into play.”
As this data will be updated on a monthly basis, it will be interesting to see if these trends continue – especially as tech becomes a fundamental component of any property-related business or service.”
