The property purchasing process is outdated, estate agents seem to have agreed in the latest Housing Report from NAEA Propertymark (the National Association of Estate Agents).
Property purchasing process
Property Purchasing Process is Outdated, Estate Agents Agree
As the Government announces that it will consult on the home buying and selling process, the September Housing Report from NAEA Propertymark reveals that eight in ten (79%) of estate agents confirmed that the property purchasing process is outdated last month.
The Government recently revealed plans to shake up the property purchasing process, such as banning gazumping. Read more here.
The study also found that, in September, the number of house hunters registered on estate agents’ books rose to the highest level seen since March this year, at an average of 394 per member branch.
This was up from 343 in August and 347 in July.
The amount of properties available to buy on estate agents’ books increased from an average of 37 in August to 41 in September – the highest number recorded since March 2017.
Despite the fact that both supply and demand for housing rose in September, the amount of sales agreed remained flat, with an average of eight per branch – the same level as in July and August.
The proportion of sales made to first time buyers was 23% in September, which is also the same as the previous two months.
The Chief Executive of NAEA Propertymark, Mark Hayward, comments on the report: “The Government’s announcement last weekend that it will consult to reform the home buying process couldn’t come soon enough, and we welcome it. Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the 21st century.
“The current prolonged process means sales are stagnating, despite the fact that the supply of housing is up and there is growing demand. Hopefully, we will see activity pick up marginally in the short-term, when properties which are being marketed now are taken off the market and pushed through, so buyers can be in before Christmas.”