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Lengthy process delays push more property transactions out to 17 weeks

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  • 29/03/2021
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Lengthy process delays push more property transactions out to 17 weeks
NAEA Propertymark has recorded the highest ever figure for the proportion of deals taking more than 17 weeks from acceptance of an offer to exchange of contracts in February.

 

 

The proportion rose to 27 per cent, up from 26 per cent in January according to the company’s February housing report.

“We’re seeing a record high number of transactions taking more than 17 weeks, due to the unusually high demand for property,” said Mark Hayward, chief policy adviser at Propertymark.

Some 11 per cent of properties sold for more than the original asking price in February 2021, the highest figure since August last year and the highest for a February since 2016.

The bulk, 57 per cent, sold for less than the asking price.

“We’ve witnessed a boom in the number of prospective buyers and number of sales, following the government announcing a Stamp Duty holiday. It’s interesting that one in nine properties sold for more than the original asking price — it seems many buyers are willing to pay over the asking price,” Hayward added.

The number of sales agreed per estate agent branch rose to 11, up from 10 in January. This was a rise on nine in February 2020 and seven for the same month in 2019.

The number of sales to first-time buyers rose to 25 per cent, up from 23 per cent in January. This is the highest figure since July 2020, and is up by 22 per cent compared to February last year.

The number of prospective buyers per estate agency branch dropped to 388 on average in February, down from 487 in January.

However this was the highest number for a February since 2017, when it was 425.

The number of properties for sale was 34, down from 38 in January.

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