Where are the slowest and fastest house sale markets in Havering?
- Credit: Yui Mok/PA Photos
It takes an average of 17 weeks for properties to sell in Havering, new data shows.
The house buying firm, Property Solvers, has revealed that it takes on average 16.8 weeks to sell a house in Havering's RM postcodes.
Rainham (RM13) and areas near Romford's town centre such as Ardleigh Green (RM2) had some of the slowest sale times with it taking an average of 18 weeks to sell a house.
The lowest average waiting time to sell a house was in Harold Wood (RM3) and the RM5 postcode area which covers Havering Park and Collier Row.
In these areas, 78 homes took between 14 to 15 weeks to sell on average.
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Havering's average waiting time of 17 weeks to sell a house is just under the London average of 18 weeks.
According to a City Rate of Sale Report released by Post Office Money Mortgages, the average property in the UK takes 102 days (14 and a half weeks).
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Property Solvers' local house market insights tool analysed more than 640 property sales across the region between May 2018 and May 2019.
"Although there are some natural delays to be expected, it's surprising that it takes so long for house sales to go through - especially in the digital age we live in," said Property Solvers co-founder, Ruban Selvanayagam,
"Whilst it's true that the estate agency, conveyancing and mortgage industries continue to embrace the benefits of tech, much work needs to be done to overcome the friction across house sale chains."
Visit Property Solvers for more information.