Transaction speed is becoming one of the most serious problems in the property industry. Average property transaction pipelines are getting longer and longer, negatively impacting consumers and businesses (including some of the largest publicly listed companies) alike.
OneDome, a property portal focused on fixing the homebuying process, has created an index to highlight property transaction speeds. The index is called the OneDome HomeBuying Speed Index and is calculated as the average time it takes between the day when a property is marked as sold (subject to contract – SSTC) and the registration of that property with the Land Registry.
OneDome has calculated the speed of transactions for every postcode in the England and Wales and will regularly publish the five quickest and five slowest areas in the UK for property transactions. It is OneDome’s hope that by highlighting this issue, all relevant parties in the industry will focus their attention on ways to speed up the process and deliver a speedy and fit for purpose home buying and selling process.
Based on OneDome’s accumulated data, the current OneDome HomeBuying Speed Index for Q2-2022, is 15 weeks. With the slowest areas taking nearly four months and the quickest just under two and a half.
The slowest postcode in the country is BS25 with an average transaction time of 25 weeks!
To learn more about OneDome: https://www.onedome.com/corporate/