LMS, a conveyancer, has published the LMS Market Efficiency Monitor Q3 2007. It shows that there has been some improvement in the number of days it takes to sell a property during the last quarter, down from 53 days to 49 days.

The longer the period of time between a property coming onto the market and the exchange of contracts, the greater the possibility of the sale falling through. The new data indicates there does seem to have been an improvement in overall market efficiency.

In the first half of 2007, the average number of days between notification of sale and exchange was 55, 17% higher than during 2005 and 2006. As Home Information Packs (HIPs) were introduced in August 2007, it is unlikely that much of this improvement is attributable to the packs, but full roll out across all properties should ensure that exchange efficiency is improved.
Dominic Toller, director of marketing and new business for LMS, said: “Any improvement in efficiency over the last three months is unlikely to be soley thanks to HIPs, rather due to a decrease in the number of properties on the market. With volumes down, the market tends to be more efficient.”