Repossessions sell in 21 days

The time taken to sell possessed properties is falling, according to the latest data from Spicerhaart Corporate Sales.

It is now taking on average just 3 weeks to exchange from the sale being agreed, less than half the current national average of 59 days for standard property sales.

In April, the average time taken for a possessed property transaction to complete from the day of possession was 106 days - 23 days quicker than this time last year.

The time from possession to market was just nine days in April, and from possession to exchange is now just 100 days, compared to 122 in May 2009.

The latest figures come as the Council of Mortgage Lenders announces that the rate of possessions fell in the first quarter of this year.

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