Buying a home is a really exciting time, whether it is your first, moving up the ladder, or an investment property. However, it can quickly become a bit of a nightmare. It can take a long time to actually reach completion and get the keys. We want to look at this today. Then, if you need help with guaranteed rent in London, you can talk to us.

Waiting

Having an offer accepted on a home is a massive high. But, weeks of waiting can follow. According to the latest data from One Dome, the average transaction completion time is 15 weeks in the UK. However, it can differ massively by region. In fact, if you look closer, there can be huge differences by postcode. Sometimes you could see completion times taking weeks longer in a neighbouring area.

The longest wait for completion according to the figures is London. There are some areas here where it takes a huge 21 weeks. That is a really long time for buyers and sellers to have to wait. It can lead to massive problems, especially if you get into a long chain.

If you look at different locations in London, you can see an incredible difference in the longest and shortest wait times. It takes a massive 147 days on average to complete in N21 in Enfield, North London. It isn’t much better in N16, a postcode that covers several areas in Hackney. The average here is 142 days. Then, there is CR4 in Croydon, South London. It takes 141 days here.

At the other end of the list, it takes an amazing 68 days on average to complete a transaction in HA9, in Brent North East London. Two areas, N4 and N6, were vying for the second spot with 74 days. If you are thinking of investing, keep the potential for a long completion time in mind. In addition, think about speaking to us about guaranteed rent in London if you want to protect rental income.

Government admission

Matthew Pennycook, the Housing Minister, said “the Government recognises that the current home buying and selling process in England is slow, costly and stressful”. He puts some of the blame on the time it takes for conveyancing. Crucially, he said “an improved, modernised process” would be beneficial. It would help consumers, the housing market, the wider house building industry, and the economy.

The Minister did say there is already work taking place to improvement things. Notably, they are digitising HM Land Registry search data. It will make it more accessible, potentially taking weeks off transaction times.

A number of other things could help too. For example, building more housing would ease demand. Lenders have a massive role to play. They could help speed up the process by making it faster to arrange finance and get everything in place.

Busy period ahead

Recent house listing data suggests that it could be a very busy autumn for the property market. The headline figure is that for sale listings in August were up a massive 14% on 2023. That is a seven year high.

The number of listings could lead to a lot of activity in the market, especially as it coincides with a drop in interest rates. However, any buyers should keep in mind that they may be waiting a number of weeks for completion.

Do you want help with guaranteed rent in London?

The UK has a number of areas that are interesting for property investors. London is definitely on that list because it has so much to offer. You can find areas to suit most needs, from busy urban spots with all kinds of amenities to quiet residential suburban areas with good schools.

If you do invest and want to get a stable, secure income, we can provide exceptional services. As a leading provider of guaranteed rent in London, we have the skills and experience to help all kinds of clients. So, get in touch and we’d be happy to discuss things with you.