The UK’s West London Property Market Sets the Pace
Published by Magnate Assets on
Jun 22, 2023
In the fast-paced world of property transactions, one area in the UK is racing ahead. New research from The ValPal Network (TVPN) has revealed that properties in West London's Paddington postcodes are selling faster than anywhere else in the country.
According to TVPN's analysis, homes in West Paddington are completing transactions in an average of just 198 days, a remarkable 21 days quicker than the national average. This trend bucks the slower sales pattern observed in many other areas across the UK.
Nationwide data compiled by TVPN indicates that selling a property in the UK typically takes around 220 days, which includes a pre-consideration period of 23 days, approximately 62 days on the market, and approximately 135 days for finance, conveyancing, and legal checks to be completed.
However, it's not just West London that's setting the pace. Halifax in West Yorkshire boasts an impressive average completion time of 199 days, closely followed by Sutton in Surrey at 201 days. Huddersfield takes third place with transactions typically finalized within 203 days, while Oxford secures the fifth spot with an average completion time of 204 days.
Craig Vile, Director of TVPN, emphasizes the importance of speed in the property market. Delays can be frustrating for everyone involved in a transaction, which is why areas that complete sales faster stand out. Offering a swift and efficient service is essential for agents looking to attract clients seeking seamless support in their moving journey.
To assist agents in providing a speedy response, TVPN has developed a cutting-edge feature called Connect. This technology ensures that as soon as a potential seller visits an agent's website and requests a valuation, Connect automatically alerts the office and offers the team the opportunity to contact the vendor within seconds of the request.
Vile further explains the significance of speed in converting sales leads into instructions. Responding within the first minute of a lead being generated increases the chances of conversion by a staggering 391%. Even responding within 5 minutes remains 21 times more effective than waiting for 30 minutes. Beyond that crucial five-minute window, the odds of qualifying a lead drop by 80%. In a world where instant response and same-day delivery are the norm, speed to lead has never been more critical.
Agents in West London, Sutton, Oxford, and parts of Yorkshire are leading the way in embracing this need for speed. As the property market becomes increasingly competitive, it's vital for agents across the country to catch up and ensure they give themselves the best chance of success.