According to the LMS Market Efficiency Monitor, the figure has slightly improved from 57 days to 53. However, it is still possible for sales to fall through due to the considerable length of time that the process takes.
Cancellations are also on the rise with over one in 10 being cancelled, representing a 4 per cent increase over the course of this year. It is predicted that if the trend continues there could be a 20 per cent cancellation rate by the end of 2007.
Dominic Toller, director of marketing and new business at LMS, said: “Any improvement over the inefficient months of earlier this year is worth holding on to, but we are confident that this is because of a dip in the volume of transactions and not an indication of overall efficiency savings. As we have said before, what appears to be the case is that a buoyant market in terms of numbers invariably means a slow market in terms of efficiency. This slight improvement is symptomatic of this.
“LMS believes that although the benefits of Home Information Packs (HIPs) will be wide-ranging, they won’t be instantaneous; they will take some months to bed in. As HIPs are rolled out across three- bed properties and then two-beds and below, the comprehensive information provided at the beginning of the process should go a long way to improving efficiency and reducing cancellations.”
Anna Bennett, head of marketing at InterBay, said: “It can be very fast – if you work well with the solicitor, it can all be done in a matter of days. The key thing here is communication.”
get the daily news delivered to your inbox
find the latest industry jobs
Find out more about this weeks industry news
