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Reading Property Market Update – Slowest and Fastest House Sale Markets Revealed

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Latest data shows that it’s taking an average of nearly 18 weeks for properties to sell across the Reading (RG) postcodes.

Sellers were waiting 21 weeks on average in the RG25 and RG28 postcodes.

Professional house buying firm Property Solvers has revealed that it’s taking an average of 17.9 weeks to sell a property in the Reading (RG) postcodes.

Updated monthly, the local house market insights tool last analysed over 1,133 property sales across the region between May 2018 and May 2019.

The data tracks the moment a property is listed on the UK’s largest property portal Rightmove to the point it’s marked as officially ‘sold’ at the HM Land Registry.

In the RG25 and RG28 postcodes, out of the 12 tracked properties in the 12 months to May 2019, home sellers were waiting 21 weeks on average from listing to completion.

Reading Property Market Update – Fastest Selling

Properties were selling the fastest in the RG31 postcode.  31 homes in this area took 14 weeks to sell on average.

Property Solvers co-founder, Ruban Selvanayagam commented: “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.”

“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.” He continued: “as a fast house sale company, we buy for cash and take on several risks which means our transactions are completed in as little as 7 days.  However, we’re a business and we wouldn’t suggest that most buyers follow the same path as us.”