NAEA Propertymark has provided fresh tips that you and your colleagues may care to share with buyers and sellers looking to complete on a property transaction before Christmas.
The latest research from Propertymark shows that the average time taken from offer to exchange is now at 13-16 weeks.
The organisation says that due to the high demand the property market has seen, conveyancers as well as mortgage brokers and moving companies have all been overwhelmed, adding to the existing backlog.
Propertymark’s CEO Nathan Emerson commented: “A lot of people who are new to the market may not realise how different things are right now. Historically we have all been very used to sales taking 6-8 weeks to go through, sometimes maybe even four.
“The current market is a very different beast though and people really do need to be aware that they must plan ahead.”
NAEA Propertymark provides the following top tips, which you may share to share with your clients, as it may help speed things up for buyers and sellers:
Ensure the property is sale ready
It sounds obvious, but once you’ve lived in a house for a long time you may not notice what others will. Ask the agent if they can spot anything that may put people off and maybe even ask some trusted friends who have fresh eyes. Anything that’s flagged could put potential buyers off so get it fixed before you enter the market.
Money, Money, Money
The current market is a strong sellers’ market which means you are most likely to secure a great price for your house. Propertymark’s data shows that 31% of houses sold for over the asking price in July. To help you make an onward move, interest rates are historically low and can be fixed long-term meaning it’s now cheaper to move than it has been for a long time.
Paperwork at the ready
To speed up the process, it’s never too early to get all paperwork ready for the solicitors. Completion of a Propertymark Property Information Questionnaire (PIQ) at the outset will save a considerable amount of time later on. Dig out certificates for any work you’ve had done so you can easily hand them over when the time comes. Solicitors will also need to see ID so make sure everything is up to date.
Check the logistics
It may seem like there’s loads of time to think about removals and storage, but there’s no harm in calling ahead. Every aspect of the market has seen unprecedented demand and you don’t want to agree a sale and find out there’s no help out there. Calling van hire, removals, or storage companies to gauge their customer load and availability might save stress later down the line.
Only if you are an estate agent who:
1. recommends factory conveyancers
2. recommends their client accepts an offer where someone in the chain is using a factory conveyancer
Otherwise, estate agents can expect deals to fly through / they get their commission, in 3-6 weeks max.
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Next they will be telling us it’s autumn and that managing agents should get the gutters cleared of leaves…
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PM are just so utterly useless
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After 35 years in the business, this is really helpful, THANKYOU! I will be eternally grateful for this insight..
Not..
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I don’t know where to begin with this – it’s complete dross in my view – ‘it’s a strong sellers market’ – sweeping statement not taking account of regional differences.
Is this the best they can come up with for their members? Glad giving them a wide berth.
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Anyone who pays money to be in this group of imbeciles is a fool
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“Calling van hire, removals, or storage companies to gauge their customer load and availability might save stress later down the line.”
SORRY?? What earthly good is it to phone a removal company today… tomorrow… or next Tuesday and asking them what their availability is like on 23 December? Or any other date for that matter? What “stress” will that possibly save?
If I heard a trainee neg suggesting that to vendors or purchasers I’d have serious words with whoever was training them.
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