Quick house buying firm Property Solvers has revealed that it’s taking an average of 17.03 weeks to sell a property in the Manchester (M) postcodes.
Updated monthly, the local house market insights tool last analysed over 1,102 property sales across the region between May 2018 and May 2019.
The data tracks the moment a property is listed on the UK’s largest property portal Rightmove to the point it’s marked as officially ‘sold’ at the HM Land Registry.
In the M8 and M40 postcodes, out of the 37 tracked properties in the 12 months to August 2019, home sellers were waiting between 20 and 22 weeks from listing to completion.
In the M3, M4, M11, M14, M15, M21, M32 and M35 postcodes, 158 properties were taking 19 weeks on average to sell.
Properties were selling the fastest in postcodes starting with M9, M13, M23 and M45. In these areas, 87 properties were taking an average of between 11 and 14 weeks to sell.
Property Solvers co-founder, Ruban Selvanayagam commented: “although there are some natural delays to be expected, it’s surprising that it takes so long for house sales to go through – especially in the digital age we live in.”
“Whilst it’s true that the estate agency, conveyancing and mortgage industries continue to embrace the benefits of tech, much work needs to be done to overcome the friction across house sale chains.”
He continued: “as a sell house fast company, we buy for cash and take on several risks which means our transactions are completed in as little as 7 days. However, we’re a business and we wouldn’t suggest that most buyers follow the same path as us.”