The property market has seen a surge in demand. Conveyancers, mortgage brokers and moving companies have become overwhelmed which has added to the existing backlog.
Propertymark has provided some tips that estate agencies can share with their vendors and buyers who are looking to complete by Christmas.
The latest research provided by the organisation shows that the average time taken from the initial offer to the exchange is now 13 – 16 weeks.
Here are the following tips:
Ensure the property is sale ready
- You can ask your agent, or even trusted friends whether they can spot anything that may put potential buyers off your house. Concerns that are raised with you can be fixed prior entering the property market
Money, money, money
- The current market is strong for sellers which means that you are most likely to secure a great price for your house
- Propertymark’s data shows that 31% of houses actually sold for over asking price in July.
- Interest rates are historically low and can be fixed long-term meaning that it is now cheaper to move that it has been for a long time
Paperwork at the ready
- To help speed up the process, it’s a good idea to get all of your paperwork ready for the solicitors.
- From your ID to EPC documentation – having these documents will save a considerable amount of time.
- Dig out any other certificates for any work you’ve had done so it’s easier to hand them over when the time comes
- It’s never too early to start ringing removals and storage companies. It could save a lot of stress later on down the line.
- The increasing demand can result in a quick sale and the last thing you would want is to find out there’s no help available.
The CEO of Propertymark, Nathan Emerson commented: “A lot of people who are new to the market may not realise how different things are right now. Historically we have all been very used to sales taking 6-8 weeks to go through, sometimes even four.”
“The current marker it a very different beast though and people really do need to be aware that they must plan ahead.”