Latest data shows that it’s taking an average of 16.5 weeks for properties to sell across the Manchester (M) postcodes.
Expect to wait in the region of 19 weeks if you’re selling in the M8, M11, M15, M31 and M38 postcodes.
Professional house buying firm Property Solvers has revealed that it’s taking an average of 16.5 weeks to sell a property in the Manchester (M) postcodes.
Updated monthly, the local house market insights tool last analysed over 1,511 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, M11, M15, M31 and M38 postcodes, out of the 60 tracked properties in the 12 months to May 2019, home sellers were waiting 19 weeks from listing to completion.
Properties were selling the fastest in postcodes starting with M1, M5, M7 and M23. 70 homes in these areas took between 12 and 14 weeks to sell on average.
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 fast house sale 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.”