Memorandum of Sale Checklist

Property auctions can offer speed, certainty and access to properties that may not be available through the traditional sales market. However, analysis of complaint data from The Property Ombudsman (TPO) shows that consumer understanding cannot be left to chance. The findings suggest that consumers are entering the process without appreciating the risks, timescales, fees, or the point at which they become legally or financially committed.

Transactions are taking longer than at any point in recent years, creating uncertainty for consumers and placing additional pressure on property agents working to keep chains together. Although market activity is showing some resilience, movers are facing waits of up to 17 weeks to exchange, exposing ongoing inefficiencies in the system.

New analysis of a decade of homemover data shows that buyers aged 50 – 59 are now the fastest-growing segment of the UK housing market. The findings highlight a significant shift in market activity that agents should factor into their business planning and service offerings. The growth of the older buyer group does not signal a decline in other segments. However, it does underline the importance of understanding who is driving transactions at any given time.

Propertymark supports the UK Government’s ambition to reform the home buying and selling process and agrees that change is long overdue. Reform must be practical, proportionate and focused on outcomes. By improving upfront information, raising professional standards, embracing digital solutions and reducing duplication, reform can deliver faster, more reliable transactions that work for agents, consumers and the wider economy.