Thinking of selling your property?
Beware of conveyancing delays that could cost you thousands! According to digital property information service Moverly, the average property value could change by as much as £12,500 during the time it takes to progress an offer to completion.
The Waiting Game
On average, it takes 112 days to move from an accepted offer to completion. During this period, property prices can fluctuate significantly. Over the past four months, the average sold price of a property in Britain has increased by £5,548. In London, where property values are sky-high, the typical home value has risen by a staggering £12,507.
Regions like the West Midlands, South West, Scotland, North West, and Yorkshire and the Humber have also seen above-average price increases.
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The Problem with Delays
A spokesperson from Moverly explains, “The property market is a peculiar beast. We're used to hearing about the pace at which it can move, both with respect to homes going under offer and the rate of house price appreciation. However, the final stage of progressing a sale from 'sold subject to contract' through to completion simply doesn’t move at the same pace, and this can prove problematic.”
The Solution
So, what’s the fix? Comprehensive and upfront material information can help speed up the process. By providing all necessary information early on, agents can proceed with a sale more quickly and securely, reducing the risk of the deal falling through. This ensures that any agreed deal isn’t rendered obsolete by significant market value swings.
Key Takeaways
Average Delay: 112 days from offer to completion.
Price Fluctuations: Up to £12,500 in London over four months.
Regions Affected: West Midlands, South West, Scotland, North West, Yorkshire and the Humber.
Solution: Provide comprehensive, upfront material information to speed up the process.
If you’re a landlord looking to sell, it’s crucial to be aware of these potential delays and take steps to mitigate their impact. After all, time is money!
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