Research reveals best areas for speedy sales

Posted on Wednesday, June 21, 2023

Properties in West London are currently selling quicker than anywhere else in the UK, new research suggests.

Analysis by lead generation technology provider The ValPal Network (TVPN) found transactions for homes in West Paddington postcodes are now completing within an average 198 days. 

This is 21 days quicker than the UK average. 

It is one of a number of areas currently bucking the national trend of slower sales.

TVPN’s data indicates that it takes an average 220 days to sell a home in the UK, comprising a 23 day “pre-consideration period,” 62 days on the market and around 135 days to complete finance, conveyancing and legal checks. 

However, homes in Halifax, West Yorkshire, are currently selling within 199 days and in Sutton, Surrey they are selling within 201 days. 

The next quickest place to move is Huddersfield where deals are completed within 203 days. 

The fifth fastest spot was Oxford where sales happen within 204 days. 

Craig Vile, director of TVPN, said: “For anyone involved in a property transaction one of the most frustrating things to deal with, at any point in a chain, are delays. 

“That’s why it’s interesting to see that many areas of the country are managing to complete sales faster than others. 

“Speed to lead is key. But this starts right at the moment someone requests a valuation. Agents who can offer a speedier and faster service will find themselves a far more attractive proposition to those looking for help and support in moving.”

To support agents to do this, TVPN has developed a new feature called Connect to provide agents with instant access to sales leads.

The technology means the moment a would-be seller visits an agent’s website and requests a valuation, Connect automatically calls the office and asks the team if they would like to contact the vendor. 

It lets estate agency staff get in touch just seconds after the valuation request has been made. 

Vile added: “Our research has revealed speed is vital when it comes to converting sales leads into instructions. 

“Responding within the first minute of a lead being generated increases the chances of conversion by 391%. 

“We found a response within 5 minutes is still 21 times more effective than taking action after 30 minutes. 

“But after that five minute window, the odds of qualifying a lead drop by 80%. In a world where we increasingly demand an instant response and same-day delivery, speed to lead really has never been more important. 

“Agents in west London, Sutton, Oxford and parts of Yorkshire seem to be leading the way in doing this - so the rest of the country needs to catch up to ensure they are giving themselves the best chance of success in a very competitive market.”

Via @EstateAgentToday