Record numbers of agents are reporting that the average time from offer accepted to exchanging contracts stretched beyond four months, Propertymark warns.
The agency trade body’s latest Housing Market Report for July shows 41% of member branches reported that the average time from offer accepted to exchanging contracts in July was 17 weeks or more.
This is a new record and stands well above the pre-pandemic average for July of only 6%.
The research found that the number of new buyers registering per member branch in July has remained lower than in the spring months as summer market conditions continue, while the average figure for new listings per branch was flat at 24 – well below the pre-pandemic average of 51 for the month.
There were nine sales agreed on average per member branch in July – the same number as the previous three months.
This figure is close to the pre-pandemic average of eight for July.
Nathan Emerson, chief executive of Propertymark, said: “Our latest data shows a sharp spike in the number of agents reporting the average time taken for sales to complete being 17 weeks or longer.
“This, coupled with lack of stock and high demand in the market, is proving difficult for some first-time buyers or current homeowners as an existing mortgage in principle obtained before setting out to view a property will likely expire before completing on the purchase.”
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The logjam needs to be cleared as fast as possible or you’ll start to see a lot of buyers pulling out in the autumn. Be nice to your conveyancers. They’ll get paid either way, so you’ll need to sweet talk them into hustling things along asap before some buyers start withdrawing.
Nice sentiments Charlie, but they don’t need you to be nice or sweet talk them, they just need to be left alone to get on with the work they are being paid to do, fewer unnecessary calls and emails would be a start.
If they made phone calls rather than sent e mails or letters it would be much faster
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