"In a world where we increasingly demand an instant response and same-day delivery, speed to lead really has never been more important"
Properties in West London are currently selling quicker than anywhere else in the UK, with sales in Paddington completing 21 days quicker than the UK average, new data indicates.
The ValPal Network, which works with 800 estate and letting agency brands across the UK, found the West London borough is one of a number of areas currently bucking the national trend.
Further findings include that homes in Halifax, West Yorkshire, are currently selling within 199 days. In Sutton, Surrey they are selling within 201 days.
The next quickest place to move is Huddersfield where deals are completed within 203 days, followed by 204 days for homes in Oxford.
Data indicates that it takes an average of 220 days to sell a home comprising 23 days of “pre-consideration” period, 62 days on the market and around 135 days to complete finance, conveyancing and legal checks.
Craig Vile, Director of The ValPal Network, said: “For anyone involved in a property transaction one of the most frustrating things to deal with, at any point in a chain, are delays.
“That’s why it’s interesting to see that many areas of the country are managing to complete sales faster than others.
“Speed to lead is key. But this starts right at the moment someone requests a valuation. Agents who can offer a speedier and faster service will find themselves a far more attractive proposition to those looking for help and support in moving.”
Mr Vile said that to help support agents to do this, The ValPal Network, has now developed an innovative new feature, called Connect, to provide agents with instant access to sales leads.
The tech means the moment a would-be seller visits an agent’s website and requests a valuation, Connect automatically calls the office and asks the team if they would like to contact the vendor.
It allows estate agency staff to be in touch just seconds after the valuation request has been made.
Mr Vile added: “Our research has revealed speed is vital when it comes to converting sales leads into instructions. Responding within the first minute of a lead being generated increases the chances of conversion by 391%. We found a response within 5 minutes is still 21 times more effective than taking action after 30 minutes. But after that 5-minute window, the odds of qualifying a lead drop by 80%.
He concludes: “In a world where we increasingly demand an instant response and same-day delivery, speed to lead really has never been more important. Agents in West London, Sutton, Oxford and parts of Yorkshire seem to be leading the way in doing this - so the rest of the country needs to catch up to ensure they are giving themselves the best chance of success in a very competitive market.”