The average property value in the UK could shift by as much as £12,500 during the time it takes to complete a sale, according to digital property information service Moverly. The company states that it currently takes an average of 112 days for a sale to progress from an accepted offer to completion.

In the past four months, the average sold price of a property in Britain has increased by £5,548. However, in London, where property prices are significantly higher than the national average, a typical home value has surged by £12,507 during the same period.

Regions such as the West Midlands, South West, Scotland, North West, and Yorkshire and the Humber have also experienced above-average property value increases.

A spokesperson from Moverly commented, “The property market is a peculiar beast. We’re accustomed to hearing about the rapid pace at which homes go under offer and the swift appreciation of house prices. However, the final stage of progressing a sale from ‘sold subject to contract’ to completion simply doesn’t move at the same pace, which can be problematic.”

They added, “The provision of comprehensive and upfront material information can help address these issues, allowing agents to proceed with sales more quickly and securely, reducing the risk of deals falling through. This ensures that any agreement made isn’t rendered obsolete by significant market value changes.”