- Properties continue to go under offer more quickly than pre-pandemic, but the time taken to complete a sale has risen. Conveyancing delays remain a significant issue.
- In 2019 a survey of home movers found 55% of sales completed within 3 months. This fell to 45% in 2021. Early indications from the 2022 survey suggest that the proportion has continued to drop.
- Managing expectations is crucial. For most buyers the process takes much longer than they expect. 86% of respondents to the 2021 survey expected to complete their move within 3 months.
- For buyers in the market now, the ‘move in for Christmas’ date is fast approaching. Source: Dataloft, Property Academy, 2021, based on a survey of 16,000+ home movers
I believe as a result of the pandemic many prospective purchasers have realised what is important to them. Many homeowners really got to experience their homes whilst being resigned to being inside for so long, which has led to many home renovations, a desire to move for many people without gardens and for first-time buyers to get onto the property ladder.
All of this demand for properties came at the same time and with buyers competing to get the best stock, properties were going under offer really quickly. With the fear of loss acting as a factor buyers did not dabble with back and forth negotiations.
With conveyancers taking on more cases leading to increased workloads, this sometimes resulted in slowing down the speed at which they were able to handle and efficiently deal with each case. That being said, there were a large number of conveyancers that I collaborated with whom handled the process really well and I can honestly say their service levels never declined at all.
A good estate agent will always properly inform their clients of timescales. When a property is chain-related, proper communication amongst all parties within the process helps to speed things up and as long as everyone involved is communicating effectively the sale and purchase will go a lot smoother.
As we approach the last quarter of the year, most prospective purchasers and vendors will want to complete their transactions before Christmas so they can start the new year fresh in their new homes.
Should you be looking to purchase or sell in Wallington or surrounding areas, please get in contact with me or a member of the Truuli sales team at your convenienceMatthew Keddo – Truuli Property Expert