Nick Millican: How Long Are London Sellers Waiting Before Final Conveyance?

Real estate expert Nick Millican talks concerning the UK’s housing market current trends. He says that the property market conditions in many regions of the United Kingdom are keeping estate agents and conveyancers busy with new contracts, but completing the process and formalizing the transfer is taking increasingly longer in London. 

According to research conducted by property web portal Home.co.uk, 18 of the 20 locations where British house and flat hunters are waiting longer to move in are part of the London market. In Soho, Nick Millican shares ,sellers are waiting 241 days on average for conveyances, which represents an increase of 16 days compared to the situation in March 2023. 

In Mayfair, the whole and pure average is 233 days, and it also represents the process getting longer despite this being a district where sellers have not been forced to lower prices. Soho is one of many London districts where property owners waited almost all of last year to finally lower prices. The London districts where sellers are not waiting as long include Balham, Bexley, and Streatham. 

The average wait here ranges from 57 to 100 days. According to the expert,  manager of an investment fund that focuses on the London property market, these developments are positive signs because they indicate periods of adjustment. Nick Millican adds that macroeconomic conditions in the UK have been conducive to the uptick in property market activity. 

The surge in buyer interest, particularly in certain areas, initially overwhelms conveyancing firms and lenders, leading to backlogs and longer processing times, Nick Millican informs. There’s also the factor of market complexity, which has been a staple in London since the 1960s. Leasehold properties, complex property chains, or unexpected issues arising during conveyance searches, all of which can slow down the process.