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Completion time on home sales falls despite signs of slowdown

The slowdown in the housing market may not be as marked as has been suggested, new figures indicate. According to the LMS Quarterly Market Efficiency Monitor the average time taken to sell a home in the UK during the first three months of this year fell to 55 days compared with 56 days for the corresponding period last year. The fall was most marked in the North of the country, where the completion time on the average property sale dropped from 51 days in the first quarter last year to 47 days. However, Dominic Toller, director of marketing and new business at LMS, was sceptical that the figures represent a sign that the sector is in better health that house price studies have suggested. He said: "Despite the housing turmoil that we've seen over the past three months, the average number of days it takes to sell a residential property has decreased slightly."However, the length of time it takes for a property to sell is still too high. One of the key reasons being that in a slowing market you tend to find property chains have difficulty in settling, clearly making a big difference to the number of days taken to sell a property."

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