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Property News | What is happening in the property market?

The average time to get through the conveyancing process of a property sale is now 150 days. If you’re thinking of selling a property and want everything wrapped up this year, experts have advised to do so in the next few weeks to have a chance of moving by Christmas.

House prices are on the rise

The price of property coming to the market has also hit a fifth consecutive record of £368,614 on average. Even with five consecutive interest rate increases and rising living costs, buyer demand for each available property is more than double (+113%) the pre-pandemic five-year May average.

Buyers are currently being presented with plenty of new options, with the number of properties entering the market increasing by 7% over the same period last year.

The time to move is now

Sellers need to come to market in the next few weeks to maximise their chance of a move by Christmas.

Because of the conveyancing backlog, those who want to move this year but have yet to act will have to do so in the coming weeks. After agreeing to a sale, it currently takes 150 days on average to complete a purchase, which is 50 days longer than this time last year.

This means that those hoping to close a deal in time to spend next Christmas in a new home should come to market in the next few weeks to give themselves the best chance of finding a buyer and completing the transaction before the end of the year. More than 500,000 homes are currently under contract, a massive figure that is 44% higher than this time last year and 39% higher than the pre-pandemic five-year average.

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What the experts say

Tim Bannister, Rightmove’s Director of Property Data, said:

“Existing homeowners looking to buy again will still need to put themselves in the best possible position to secure their next home in this strong market by making sure they find a buyer for their current property before looking for their next home. This is all the more important for those hoping to complete the process as quickly as possible and enjoy Christmas in a new home this year. Though December may feel far away, the data shows the current conveyancing log-jam means it is taking an average of 50 days longer to complete a purchase after agreeing a sale than it did in 2019. It’s therefore important to act now and get in touch with a local estate agent to give yourself the best possible chance of being in your new home for Christmas.”

Thinking about selling? Miller Metcalfe have 18 hubs across the North West. Our property experts are always on hand to assist you with any of your property needs. Contact us today. Visit https://millermetcalfe.co.uk/contact-us/ to find your local branch.

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