New research by conveyance company, LMS, shows that in the first three months of 2007 efficiency in the housing market was at an all-time low.

In January and February, the average time between the notification of a sale and exchange of contracts was 57 days. This is an increase of 5.5 days on the previous quarter when it averaged 51.5 days. In addition, LMS’ cancellation figures also show a 2% increase from 12% of agreed sales cancelled in December 2006 to 14% in January 2007.

Dominic Toller, director of marketing and new business for LMS, says: “Our research shows a worrying picture of extra days being added into the transaction process. It may be that an increase in transactions, with people trying to sell before the 1 June HIPs deadline, has swamped the market. Nonetheless, the last time efficiency was even close to this level was in September 2004 when it peaked at 55 days.”

“Essentially now is the time for HIPs to prove themselves. In a market like this, where efficiency has nose-dived, HIPs have never been needed as much; the way is now clear for them to reduce cancellations and improve the process of buying and selling a property.”