House sales in Banburyshire taking over four months to complete, says new online property tool

Latest data shows house sale transactions are taking an average of 130 days to complete across the Banbury OX15, OX16 and OX17 postcodes since the beginning of the pandemic.

Sellers were waiting up to 133 days on average in the OX17 postcode.

Professional house buying firm Property Solvers’ speed of sale tool has revealed that it’s taking an average of 18.57 weeks to sell a property in those three Banbury postcodes.

Updated monthly, the latest dataset analyzed over 184 property sales across the region between February 2023 and February 2024.

The statistics track 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 OX17 postcode, of the 36 tracked properties in the year to February 2024, home sellers were waiting 133 days on average from listing to completion.

Properties were selling the fastest in the OX15 and OX16 postcodes. 148 homes in these areas took 129 days to sell on average.

Property Solvers co-founder, Ruban Selvanayagam commented: “Although buyer demand hasn’t waned over the pandemic, the transaction time has certainly lengthened.”

“Operational activity has still pretty much continued, but the home sales industry has had to learn to adapt over the last year. Many solicitors, mortgage brokers and other professionals have been working from home which has often resulted in administrative and other operational delays,” he continued.

“As more people return to offices and agencies, we’re cautiously optimistic about things picking up over the course of the year.”