London Property Deals Need More Time

Monday, February 15, 2021

The demand for homes in the past few months has been huge, and this has been keenly felt in London. The stamp duty holiday has invigorated the housing market in the capital, and many households have been motivated to make a move.

Of course, with more movement in the market, professionals in and around the housing sector have been placed under greater pressure.

When you consider many industries and professionals are already working under harsh conditions due to dealing with the Covid pandemic, it is inevitable that many people feel overwhelmed right now.

This leads to a situation where property deals take longer to conclude. A recent report suggests property deals are taking 29% longer to conclude once an offer has been made.

Buyers and vendors need more time to conclude deals

The time taken to sell property is said to have increased from 96 days to 124 days. With the stamp duty holiday deadline in place, there has been a pressing need for deals to conclude as quickly as possible.

It is looking increasingly likely many prospective property buyers will miss out on the stamp duty saving, and this might force some people into making a tough decision.

There are fresh challenges in the London housing market

We are concerned with the impact on London property deals, particularly in and around Stanmore. The same study suggests the average time to exchange has risen from 97 days to 125 days in the capital.

Also, the situation is getting worse, because when you look at the transactions in the past 30 days in comparison with the previous 180 days, the average time to conclude a deal is 160 days.

Movewise said; “There’s a bottleneck in the conveyancing process as councils struggle to handle the level of property searches being requested and conveyancers drown under an increased workload.”

When it comes to making a move, we know you need support and guidance. If you have any questions regarding the London housing market, please contact Stones Residential, and we will be more than happy to assist you.

Tom Scarborough, Movewise founder, says: “Although houses are going under offer on average five weeks after initial listing, the bottleneck in the conveyancing process is causing a headache for both sides of the transaction. Buyers are still keen to beat the stamp duty deadline and sellers need to be aware of that before accepting an offer. To avoid transactions collapsing, any offer being made now should be on the understanding that completion is likely to be after the tax holiday ends.”

Tom continued by saying; “If required, buyers and sellers should enter into any negotiation on price, before the conveyancing process commences. An honest and frank discussion upfront, could avoid a transaction failing further down the line, after money and time has been spent on searches and surveys.”

Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.