Quitting Buy To Let? Here’s a list of where you can...

Landlords pulling out of buy to let because of high costs and overbearing regulation now have a guide to how quickly they could sell - or not.

New figures show the top five locations where properties are currently selling quicker than anywhere else in the UK.

Homes in Paddington, West London are selling fastest at three weeks under the national average.

According to a report by PropTech service The ValPal Network, transactions for homes in West Paddington postcodes are now typically completed in 198 days - 21 days quicker than the UK average.

The ValPal Network, which works with 800 estate and letting agency brands across the country, found a number of areas currently bucking the national trend.

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 and the fifth fastest spot is Oxford where sales happen within 204 days.

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

July’s Halifax House Price Index showed that the value of homes dropped by an average of 0.3 per cent in July – a fourth consecutive dip.

But the pace of annual decline eased from 2.6 per cent in June to 2.4 per cent last month.

Craig Vile, director of The ValPal Network, says: “The reality is that house prices have changed very little over the last six months. The difference is that market activity is more restricted because of the UK economy in general.

“Even so, first-time buyer interest is holding up well and people are still moving.”

He says that for anyone involved in property transactions, the most frustrating thing to deal with, at any point in a chain, is delay.

Vile continues: “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.

“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 per cent.

“We found a response within five 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 per cent.”

* The ValPal Network is owned by Angels Media, which also owns Landlord Today and the other Today sites.

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Eve K Kay
10 August 2023 08:44 AM

There are over 200 steps in today’s conveyancing process, which is where the problem lies. The more steps there are, the more potential problems and delays.

I remember the pre-crunch days too. There were more transactions each year, compared with recent years, and yet it took less time for a sale to go through. You can say the same with most things - we are over-bureaucratised.

Emily Simmons
10 August 2023 08:56 AM

You are spot on there Jo, I am mind blown that some solicitors still rely on sending out letters when there are much faster, secure elecectronic means of document transfer. And local authority searches seem to take forever too. Our most recent sale (holiday let so no chain at all, vacant possession and no finance involved) took over 3 months to complete. And no rational reason why.

Nick Van Hoogstraaten
10 August 2023 09:41 AM

Emily, Local Authorities are 'working from home' now. That means sitting in their gardens, watching This Morning, housework, colleagues around for a cuppa.

Thehairy Piker
10 August 2023 20:14 PM

Probably due to the work force being mainly women who want a work life balance (part time jobs). Also many are still working from home in their pyjamas. The productivity in the country has dropped substantially

Ferey Lavassani
10 August 2023 09:55 AM

With interest rate being high, lenders want to make sure that if Mr Smith fails to keep up with the payments and the property repossessed, then they are in the safe side. On the other hand, if Mr. Smith cannot keep up with the payments, then the first post is to go after the solicitor/conveyancer. After all they are insured if sued by the lender for negligence. So the solicitor in order to cover his back side, checks, double checks and triple checks all relevant searches. And that is time consuming.

Eve K Kay
10 August 2023 18:04 PM

Ferey, if someone is in arrears on their mortgage, no one accuses the conveyancer of anything. Some people can’t pay and that isn’t anyone’s fault apart from the borrower.

There is some serious fake news flying around.

Ferey Lavassani
10 August 2023 19:58 PM

Eve. If the tenant falls behind, there is no incentive for the lender to go after him. If he had money, he would not fall behind. The solicitors are insured and have indemnity. Lets check their records. Who knows what might come up.

Eve K Kay
10 August 2023 20:08 PM

Ferey, tenants do not fall behind on mortgage payments. I think you’re very confused.

Stay off the vodka sweetheart, it’s pickling your brain 😂