Latest data shows that it’s taking an average of 16 and a half weeks for properties to sell across the Lincolnshire (LN) postcodes. 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.
Sellers were waiting 22 weeks on average in the LN7 postcode, while in the LN5 postcode they waited only 15 weeks to complete their purchase, according the data from professional house buying firm Property Solvers. Properties were selling the fastest in the LN5, LN8 and LN10 postcodes. 127 homes in these areas took 15 weeks to sell on average.
Updated monthly, the local house market insights tool last analysed over 735 property sales across the region between May 2018 and May 2019. The data also shows the average difference between the asking price and the sale price of properties in our region. In the LN11 postcode (Louth area) there was the biggest difference, an average of £9,900, Meanwhile, the LN9 (Horncastle) and LN3 postcode areas had the smallest average price difference at around £3,500.
Caroline Hall from Your Mortgage Hub, an independent mortgage broker, commented on the data, saying: “We deal with clients purchasing properties from all over the country and time scales can vary in areas due to supply and demand. If the demand is high, the seller can set expectations and time limits, creating an urgency which can substantially reduce the time taken for the sale process. The times on average shown in Lincolnshire are reflective of the rest of the country. The only areas which seem to be quicker are in cities where demand is out stripping supply, for example London, Manchester, Leeds and Birmingham.”
“Time scales when selling or purchasing a property can be influenced by many factors,” Caroline explained. “From the estate agent and the marketing, whether a mortgage is required, the results of the survey and also the conveyancing processes. This is on top of personal circumstances, such as if the purchaser may have to sell their current property first (onward chain), or it could be the property that the seller is looking to purchase can not be obtained until a certain date — this can be an issue if it is a new build, which again can create delays.”