House sales taking 17 weeks to complete in Eastwood and Kimberley

House sale transactions are taking an average of 120 days to complete in Eastwood and Kimberley since the pandemic hit.

Friday, 21st May 2021, 4:59 pm

Data has revealed that it’s taking an average of 17.14 weeks to sell a property in the NG16 area.

Updated monthly, the latest dataset analysed more than 158 property sales across the towns between May 2020 and May 2021.

The statistics track the moment a property is listed on Rightmove to the point it is marked as officially ‘sold’ at the HM Land Registry.

The process has lengthened due to the pandemic.

In the NG16 postcode, out of the 158 tracked properties in the 12 months to May 2021, home sellers were waiting 120 days on average from listing to completion.

Property Solvers co-founder, Ruban Selvanayagam, said: “Although buyer demand hasn’t waned over the course of the pandemic, the length of time for transactions to complete has certainly lengthened.

“Operational activity has still pretty much continued, but the home sales industry – like many others – has had to learn to adapt over the last year. Many solicitors, mortgage brokers and other professionals in our sector have been working from home which has often resulted in administrative and other operational delays,” he continued.

“However, with positive news around the vaccine roll-out, as more people gradually return to offices and agencies, we’re cautiously optimistic about things picking up over the course of the year.”