OnTheMarket Launches Monthly Transaction Speed Index

UK challenger portal OnTheMarket (OTM) has launched a new Transaction Speed Index that supplies monthly data on average transaction speeds across different regions in the United Kingdom.

It is the first major initiative the portal has launched since its takeover by CoStar Group, the American real estate giant, last year.

Insights from the first report show that Sold Subject To Contract (SSTC) times were fastest in southwestern city Plymouth, with 63% of listed properties selling within the first 30 days of being publicly listed, with Newcastle close behind (62%).

The fastest-selling London borough is Bexley at 41 days, with overall SSTC times in the capital city hitting 53 days.

Blackpool was the slowest-selling region at 62 days.

Jason Tebb, President of OnTheMarket, said:

"With a good mix of southern and northern towns making up the fastest and slowest regions on our list, the north/south divide can’t be used to explain away varying transaction speeds.

"A combination of regional factors is coming into play including demand, available stock, number of applicants, competition and pricing."

OTM's new owner CoStar promised to spend up to £46.5 million on sales and marketing in the first full year of running the perennial number three portal in the UK (behind Rightmove and Zoopla).

While the SSTC Index goes some way in addressing a shortfall in marketing insights coming out of OTM, the stark reality is that its rivals won't be overly troubled by it. Zoopla and the rest of the Houseful group are way ahead in their data offerings, while Rightmove, the seemingly untouchable market leader, won't expect a share price drop from the announcement.