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Quitting Buy To Let? Here’s a list of where you can sell up quickly

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.

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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.

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

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    Why is it now taking around 135 days to complete finance, conveyancing and legal checks?
    Back in 2001 it took less than 3 weeks from viewing to completion. In 2011 from first appearing on Rightmove to completion was 27 days. Both of those transactions involved obtaining mortgages. With all the modern technology why is it now taking an extra 4 or 5 months?

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    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.

     
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    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.

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

     
    Franklin I

    I totally agree.
    All this Proptech and it takes longer than it did two decades ago.

     
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    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

     
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    It’s called progress with Technology one of the main causes of homeless pressing buttons inventing regulation’s and obstacles to drive out Private landlords and destroy businesses. I see umpteen Shops and Businesses closed down.
    It now takes me 30 to 45 minutes to ring my Bank it used to take 3 minutes.
    Internet is easily the worst thing to happen in my life time everyone addicted.
    Imagine working from home instead of doing real work ok you only think it’s work pay yourself 100k.
    What’s your kids watching or sharing.

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    If the seller is on the same ‘ page’ as the buyer then it will sell 💰💰. At the moment sellers are still thinking it’s 2021/22.

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    Often it's solicitors string things out to increase their fees

    Ferey Lavassani

    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.

     
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    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

    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.

     
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    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 😂

     
    Ferey Lavassani

    Eve darling its not the vodka, its the red wine. What I meant was mortgagee rather. Thanks for correction. Word of advise. Do not buy cheap wine!!!

     
  • Franklin I

    Seems like it all depends on your local borough and how long it takes them to come back with the searches.
    Many years ago, you used to be able to request for a "personal search," in order to fast track the conveyancing process.

    Rather than wait 10 to 12 weeks, you'll pay a small fee of £30, and you'll get the search results in 3 to 4 days.

    Apparently, this service is no longer available.

    I thought that the whole point of making the conveyancing transaction become fully electronic/online, was to address these delays and speed up the process.

  • Peter Why Do I Bother

    Searches now take forever, but with everyone at home preparing for the Peloton World Championship what can we expect….

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    All this EPC thing and ULEZ is expensive and bothered landlords too.
    One Cow emissions for a year is equal to a car doing 32k kilometres motor drive, (3 years worth) so instead of changing the cars stop drinking milk.

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