Estate Agents Face Record 216-Day Wait for Commission as Sales Slow

Record Completion Times Hit Estate Agents' Cash Flow

Estate agents are facing their longest wait on record to receive commission, as property transactions stretch to unprecedented timescales. New analysis from Rightmove reveals that the average home sale now takes 216 days to complete from initial listing—comprising 62 days to secure a buyer and a further 154 days between agreeing a sale and completion.

This marks the longest total completion time at this point in the year since Rightmove began recording data. The extended timescales create significant cash-flow challenges for estate agents, whose income remains tied up throughout lengthy conveyancing processes. The portal's previous research found that almost a quarter of agreed sales initially fall through, whilst around 6% fail altogether and do not return to the market within a year—adding financial risk to already protracted completion periods.

Regional Disparities Reveal Market Fragmentation

The property completion landscape varies considerably across Great Britain. London remains the slowest market, where agreed sales take an average of 174 days to complete, compared with just 141 days in the North East. Scotland significantly outpaces the rest of Great Britain, with transactions completing in 98 days on average, largely due to its distinct legal process and greater use of upfront information sharing.

Flats present the most significant bottleneck, taking 169 days to complete on average, whilst terraced and semi-detached homes move through more quickly at around 149 days. At the local authority level, Slough faces the longest delays at 229 days to complete the legal transaction, followed by Brentwood at 209 days. Outside Scotland, North East Derbyshire offers the fastest turnaround outside the devolved nation at just 120 days—highlighting stark regional inefficiencies that may warrant investigation via planning alert tools for those tracking market dynamics.

Technology Advances Yet to Address Systemic Delays

Despite significant technological progress over recent years, completion times have increased by 36 days since 2019. Rightmove attributes ongoing delays to high conveyancing workloads, lengthy chains, leasehold complexities and continued reliance on manual processes. The portal estimates there is currently £205 billion worth of residential property listed on its platform awaiting completion—underscoring the scale of capital tied up in the system.

Rightmove's leadership has expressed strong support for the government's proposed home-moving reforms, including earlier information sharing and greater digitisation of conveyancing. Johan Svanstrom, Rightmove CEO, stated: "A healthy housing market depends on people being able to move home easily and with certainty. However, the entire home-moving process currently takes more than seven months on average, making this the longest summer wait on record."

Industry figures echo this sentiment. Nick Leeming, chairman of Jackson-Stops, highlighted the importance of reform: "Reforming the home-buying and selling process must remain a priority for our new Housing Minister and the Government. Once a sale has been agreed, there are a number of legal and administrative stages before completion, involving conveyancers, mortgage lenders and local authorities."

Brad Fordham, head of mortgage distribution at NatWest Group, noted that digital adoption remains the fastest path forward: "Delays within the conveyancing journey cause emotional distress and real financial costs for our customers. We believe that widespread adoption of digital technology is the fastest way the industry can accelerate the home ownership journey."

For investors tracking market conditions and transaction efficiency, these delays represent both risks and opportunities. Investors examining BTL hotspot analysis should factor completion timescales into their projections, particularly in slower regions like London and the South East where capital remains locked up for extended periods.

Source: Property Industry Eye.