Property transactions complete faster in the North than the South of the country, analysis from ViewMyChain has found.
Generally, the regions with the lowest typical property prices achieve the fastest average completion times, while there are more apartments sold in the South, which take longer.
In Yorkshire and the Humber, the North East and North West for instance, where the median property prices are £190k, £150k and £197k respectively, properties transact between 19 and 27 days faster on average than those in the South West and South East, where the median property prices are £305,000 and £380,000 respectively.
Properties in the Northern regions also complete up to 35 days faster than those in London where the median property price is £530,000.
Higher levels of mortgage investment in the upper price brackets leads to a greater volume of conveyancing checks needed to meet lender requirements. Meanwhile, at the lower price point cash purchases or properties sold without a chain could account for faster completions.
Property type also affects how long sales take to complete. In London, where transaction times are longest, most properties at the median price point are leasehold apartments and liaising with parties such as the landlord or lease administrator can significantly lengthen the conveyancing process.
According to Property Solvers, apartments take the longest of all property types to complete – up to 26 days longer than semi-detached properties which is the fastest-selling property type. The second fastest is terraced properties, which take an added two days, followed by detached which take an extra five days to complete.