RESEARCH has revealed that it is taking an average of 17.32 weeks to sell a property in the PO postcodes.
House buying firm Property Solvers analysed more than 1,401 property sales across the region between May 2018 and May 2019.
Its data tracked the moment a property was listed on Rightmove to the point it was marked sold at the HM Land Registry.
In the PO17 postcode in Wickham, out of the five tracked properties, home sellers were waiting 28 weeks on average from listing to completion. Whereas 29 sellers on Hayling Island in PO11, and on the Isle of Wight in PO41 were waiting between 20 and 23 weeks to sell.
Properties were selling the fastest on the Isle of Wight in the PO31, PO38 and PO39 postcodes – 62 homes in these areas took between 11 and 14 weeks to sell on average.
Property Solvers co-founder Ruban Selvanayagam said: ‘Although there are some natural delays to be expected, it’s surprising that it takes so long for house sales to go through – especially in the digital age we live in.
‘Whilst it’s true that the estate agency, conveyancing and mortgage industries continue to embrace the benefits of tech, much work needs to be done to overcome the friction across house sale chains.’
In PO1 it was taking an average of 16 weeks, 18 weeks in PO2, PO3 and PO4, and 17 weeks in PO5 and PO6.
Here is the full list for Portsmouth, Fareham, Gosport, Havant and Waterlooville (by average sell time):
PO1 – 16 weeks
PO2 – 18 weeks
PO3 – 18 weeks
PO4 – 18 weeks
PO5 – 17 weeks
PO6 – 17 weeks
PO7 – 18 weeks
PO8 – 16 weeks
PO9 – 16 weeks
PO10 – 19 weeks
PO11 – 20 weeks
PO12 – 16 weeks
PO13 – 18 weeks
PO14 – 17 weeks
PO15 – 17 weeks
PO16 – 18 weeks
PO17 – 28 weeks