Flat sales slowest in UK with average completion delays rising
New Rightmove analysis reveals flat sales take significantly longer to complete than other property types, with average completion times now 36 days longer than pre-pandemic levels, impacting landlords and the rental market.
Rightmove’s latest data shows that selling a property in Britain now takes an average of 216 days from listing to completion, with flats experiencing the longest delays. The process includes an average 62 days to find a buyer and a further 154 days to complete the sale, but flats take around 169 days just to complete after sale agreement.
This slowdown is particularly pronounced in London, where completion can take up to 174 days, compared to 141 days in the North East of England. Scotland remains the fastest region due to its distinct legal process involving Home Reports and upfront information, averaging 98 days total.
Rightmove data highlights conveyancing and process inefficiencies
The extended completion times for flats are attributed to several factors, including complex leasehold arrangements, lengthy property chains, and increased workloads for conveyancers. These contribute to a fragmented and largely manual home-moving process, which has become slower since before the pandemic.
Rightmove’s CEO Johan Svanstrom emphasises the need for digitisation and improved transparency in the conveyancing process to reduce delays. The portal reports that 23% of property transactions initially fall through, with 6% not returning to the market within 12 months, often due to the drawn-out completion process.
Delays in sales completion can have knock-on effects for landlords looking to sell or buy investment properties, complicating portfolio management and cash flow planning. The slow process also affects tenants indirectly, as landlords may hesitate to adjust rental terms or reinvest in properties amid market uncertainty.
Impact on landlords and the private rental sector
For landlords, particularly those managing flats, these delays add complexity to property turnover. The Renters Rights Act and recent regulatory changes have already prompted some landlords to exit the market, and slower sales could exacerbate this trend by increasing holding costs and reducing flexibility.
Longer completion times may also affect landlords’ ability to respond quickly to market conditions, such as rent reviews or maintenance needs. For landlords relying on timely sales to fund new purchases or portfolio restructuring, the current delays represent a significant operational challenge.
Letting agents face similar pressures, as prolonged sales chains increase administrative burdens and delay commission payments. The inefficiencies in the conveyancing process may also impact tenant placement timelines when properties are sold with sitting tenants.
Legal and procedural background to delays
The UK property transaction process is traditionally complex, involving multiple parties including buyers, sellers, solicitors, mortgage lenders, and local authorities. Leasehold properties, common among flats, add layers of complexity due to service charges, ground rents, and lease terms that must be verified and transferred.
Scotland’s shorter completion times are largely due to the Home Report system, which provides comprehensive property information upfront, reducing delays caused by late-stage surveys or disclosures. England and Wales lack a comparable system, contributing to longer and more uncertain sales processes.
Government initiatives to reform conveyancing aim to introduce greater digitisation, standardised information sharing, and process transparency. However, these reforms are still in development and widespread implementation remains pending.
Practical implications for landlords and agents
Landlords should anticipate longer sales timelines when planning disposals or acquisitions, especially for flats. This may require adjusting financial forecasts and rental strategies to accommodate extended holding periods and potential cash flow constraints.
Agents and landlords must also prepare for increased administrative demands, ensuring all leasehold documentation and compliance requirements are in order to avoid further delays. Proactive communication with conveyancers and buyers can help manage expectations and reduce transaction risks.
Given the high rate of transaction fall-throughs, landlords should consider contingency plans for properties that may remain unsold for extended periods. This includes maintaining rental income streams and budgeting for ongoing maintenance costs.
Areas of uncertainty and what to monitor
The exact impact of ongoing government reforms on conveyancing times remains uncertain. While digitisation promises efficiency gains, the transition period may initially cause disruption. Landlords should monitor updates from government and industry bodies regarding new procedures and technology adoption.
Leasehold reform proposals, which could simplify flat sales, are also evolving and may affect future transaction durations. Keeping abreast of these developments will be important for landlords with flats in their portfolios.
Additionally, broader economic factors such as interest rates and housing demand will continue to influence market activity and sales speeds. Landlords should remain alert to these external influences when planning property transactions.
What landlords should consider now
- Review sales and acquisition timelines for flats to incorporate longer completion periods.
- Ensure all leasehold and compliance documentation is complete and accessible to avoid avoidable delays.
- Maintain clear communication channels with conveyancers and agents to track progress and address issues promptly.
- Plan financial contingencies for extended holding costs and potential transaction failures.
- Stay informed about government reforms to conveyancing and leasehold regulations that may affect future transactions.
Supporting landlords through property sale challenges
The Landlord Association (TLA) offers members access to compliance resources and practical guidance to help manage the complexities of property sales and acquisitions. Through TLA’s BETA testing platform, ORBIT, landlords and letting agents can organise property records, track key documents, and record communications related to sales and leasehold matters.
ORBIT’s developing features aim to assist with managing leasehold documentation and monitoring regulatory changes, which are crucial given the delays highlighted by Rightmove’s data. Members can also access expert insights on conveyancing processes and legislative updates, supporting better planning and risk management during property transactions.
Exploring TLA membership and ORBIT BETA access can provide landlords with tools to streamline property management amid the evolving market challenges.
Looking ahead, the pace of home sales and completions will remain a key factor influencing the private rental sector. Landlords should prepare for ongoing delays while watching for reforms that could improve transaction efficiency in the future.
Sources: Landlord Today
TLA - The Landlord Association