Significant slowdown in sales process

HOUSING REPORT: Agents reporting average time from offer accepted to exchanging contracts has been growing over the past two years. This month hit a new record with 41 per cent of agents reporting average times stretching over four months. We are continuing to see the evidence of a summer dip as buyers and sellers turn their attention to holidaying.

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The Great British Summertime

The number of new buyers registering per member branch in July has remained lower than in the spring months as summer market conditions continue.


No change in sales agreed

There were nine sales agreed on average per member branch in July – the same number as the previous three months. This figure is close to the pre-pandemic average of eight for July (based on 2010-2019 figures).

Sales agreed as a percentage of stock remains high – at 39 per cent in July. This is compared to the pre-pandemic average of 16 per cent of stock sold in the month of July between 2010 to 2019.

However, more and more buyers are starting to secure homes under the asking price, with 36 per cent of branches now reporting that most sales were completed below asking price compared to a low of just 15 per cent in March.

Our latest data shows a sharp spike in the number of agents reporting the average time taken for sales to complete being     17 weeks or longer.

This, coupled with lack of stock and high demand in the market, is proving difficult for some first time buyers or current homeowners as an existing mortgage in principle obtained before setting out to view a property will likely expire before completing on the purchase.

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Nathan Emerson CEO | Propertymark
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