Property news
Although still five months away, with property demand still at an all time high and solicitor conveyancing taking longer you may need to plan sooner than you think....
We think moving and settling into your new property in time for the festivities would be the perfect way to end the year and I am sure you would agree. So why are we thinking about it in July? Because believe it or not, now is the time to put your home on the market if you want complete and move in time.
Why now?
We appreciate the difficulty of seeing far into the future, so thinking about Christmas can feel strange, given the current summer temperatures. However, the time between now and then will fly by, and as prices outside the property market rise, it makes sense to try and plan your move carefully. As a slow down is predicted for the second half of the year due to the impact of further price rises, we feel it's important to time your move well, so your new keys can be yours before the season begins. This also means you could potentially secure a buyer when your property is at its peak.
It's really important as a responsible estate agent to look at what is happening now, and seeing potential problems that may arise with delays or chain issues, especially as demand for houses is incredibly high. There is much comfort in avoiding the panic behind those big decisions, and to begin thinking about moving as the height of summer starts.
How long are house sale/purchases currently taking to complete?
Our average progression time currently stands at 13-15 weeks, with our conversion rates over the past five years between 83-88%, sale to completion. Those 13-15 weeks include a current 50 day delay caused by a nationwide conveyancing logjam, where more than 500,000 homes are currently sold subject to contract.
As it stands, our timescales are significantly less than the industry average, which is something we are proud of. It means our dedicated progression team are working very hard to make each sale a smooth transition, taking much stress out of the experience for you. These figures make July a great time to think about putting your home on the market if you envisage being in a new one by Christmas.
This current time-frame is frustrating, and we understand that. In order to find more balance within the market, there would need to be more houses available to purchase, or a lower demand to buy. With no control over either of those things, we can only offer you our full support in getting a head start now.
How can we reduce sales falling through if they are taking too long?
When a sale falls through it is stressful, frustrating and often very costly with legal costs and other moving plans already put into place. To reduce this, we have just launched Sandersons Secure Sale to give buyers and sellers peace of mind that each party is fully committed to the sale all the way to exchange and completion. This commitment is made through a Reservation Agreement. The Government How to Sell Guide also make recommendations that buyers enter into this to reduce the risk of a sale/purchase falling through. If either party changes their mind and wants to walk away without mutual agreement, a compensation payment will be made by the defaulting party. Please talk to us for more information on how this works and could benefit you.
House price index for June
Rightmove's House Price Index for June rose annually by 9.7%, and hit a consecutive record of £368,614. With buyer demand for each availableproperty down by 8% in May compared with April, it is still 6% higher than last year, and more than double the pre-pandemic average. In general, we are seeing the number of available properties coming onto the market for sale still below 2019 levels.
As agents eagerly await the completion of these sales, we also want to keep the excitement of your moving journeys alive for you. That is why our gentle reminder now, will ensure you see 2022 out the way you hope to.
If you are considering buying or selling a property, feel free to get in touch with us to get the ball rolling.
