House market efficiency improves, but not due to HIPs

However, LMS says it is too early to tell what the full impact of HIPs will be for the market. The latest LMS Market Efficiency Monitor found the average time taken to sell a property fell from 53 days in Q2 to 49 days in Q3. In the first half of 2007, the number of days taken between notification of sale and exchange was 55 days, a 17% rise on the average for 2005 and 2006, which LMS says demonstrates growing inefficiencies in the market. The level of aborted sales has reached its highest level since 2005, with cancellation rates now at 16% and a fifth of instructions falling through be...