You are here: Home - News -

Offer to exchange time now at 16 weeks – Propertymark

  • 27/08/2021
  • 0
Offer to exchange time now at 16 weeks – Propertymark
The average time taken from putting an offer in for a property to exchanging has now reached 13 to 16 weeks, research has found.


Propertymark said this was down to the huge demand in the property sector and stressed that mortgage brokers and moving companies were overwhelmed, which was adding to the backlog. 

The estate agency body warned of delays in the sector in March, when the average time between offer and exchange had reached 17 weeks. At the time, 27 per cent of transactions were seeing such delays, which was the highest proportion on record. 

This occurred when it was originally thought that the stamp duty holiday would end that month. 

Speaking on the current backlog, Propertymark’s CEO Nathan Emerson said: “A lot of people who are new to the market may not realise how different things are right now.” 

He suggested that any buyers and sellers who were hoping to move into a new property by Christmas begin the sales process now. 

Emerson added: “Historically we have all been very used to sales taking six to eight 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.”


There are 0 Comment(s)

You may also be interested in