Once you have agreed a sale on your home, you or the buyer can withdrawal from the sale until exchange of contracts. Exchange of contracts is the point at which the sale becomes legally binding. Completion usually follows a few days later, when the money is transferred and the keys are handed over.
The decade long term average of sales that fall through is 24.2%, so it’s really important to get exchange of contracts as soon as possible to secure the sale. Across Great Britain, 58.6% of home sales exchange contracts within four months, but the regional picture shows a clear north-south divide.
At the top of the table is Scotland, at 77.5%, where the equivalent legal stage is the conclusion of missives. The North East follows on 72.2%, with Yorkshire and The Humber at 69.1% and Wales at 66.1%. The East Midlands posts 64.0%, the West Midlands 62.9%, and the North West 61.6%. All of those areas sit above the national average.
By contrast, the south is notably slower. The South West is at 52.4%, the South East 48.3%, the East of England 46.8%, and London trails at just 43.4%. That means the gap between Scotland and London is more than 34 percentage points, a huge difference in how quickly sales become legally secure. A lot of that delay in London is down to the high proportion of apartments which are leasehold (which require a lot more legal work).
It is also important to remember these figures are cumulative, not standalone. They show the proportion exchanged by the end of month four. In fact, the single most common standalone month for exchange is month six.
For buyers and sellers in Ashford, the lesson is simple. Sale agreed is only the start. Keeping the chain moving is what gets a move over the line.
