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TODAY'S OTHER NEWS

Unique data reveals the average length of the whole moving process

New research estimates that it takes the average home mover six months to complete the entire process. 

Believed to be an industry first, The ValPal Network has calculated the typical moving period, incoporating the seller's consideration, alongside time on the market and post-sale processes such as conveyancing and finance.

The data shows it takes 58 days from the prospective seller requesting a free, online valuation to instruct an agent, while it then takes an average of 62 days to sell (Rightmove) and 81 days to arrange conveyancing and finance (My Home Move, the UK's largest conveyancer).

These averages add up to a total of approximately six months (201 days) to complete the whole process. 

Analysis undertaken by The ValPal Network, which now works with over 4,000 estate and letting agents, shows that on average the selling process is getting quicker.

In 2015, it took the average seller 278 days to sell, a figure which dropped to an average of 194 days last year. 

The average for 2017 has lengthened slightly to 201. This, according to ValPal, could be down to ongoing Brexit negotiations and a snap General Election in June.

“Our data shows that on average the home moving process is speeding up and becoming more efficient. Advances in technology have definitely had a role to play here.," says Craig Vile, director of The ValPal Network.

"Online valuations and property searches, virtual viewings, maintenance reporting services and e-signatures are just a few examples of how technology has helped to speed up processes for both consumers and property businesses."

"Technology has helped the property industry to adapt to consumers' changing habits, lifestyles and expectations. Home movers - particularly millennials - now want to be able to carry out their property searches or obtain mortgage advice out of traditional working hours."

"Technology is helping estate agents, mortgage brokers and other property firms to adapt to these changes and provide the modern consumer with the 24/7 service they desire," he says.

For further live data insights from the ValPal Network, please visit: https://www.valpal.co.uk/valpal-data-insight.

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