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Property Stock Levels Increasing

Fri 22 June 2018

As the second May Bank Holiday has been and gone there is a noticeable increase in viewing and offer activity. The diaries have been extremely busy which is great as the stock levels have been so very low for the last 18 months. It is good to see the stock levels increasing.

Buyers are still having to be swift to view and offer though as properties in certain brackets remain selling quickly and frustratingly for applicants viewings are being cancelled due to properties selling prior.

Once a sale has been agreed the key is ensuring a smooth transaction from sale to completion. This is such an essential part of the process where it is imperative to monitor the transaction closely. The average time currently, dependent upon buying position, is 8-10, 10-12 weeks, from the point of agreeing the sale to completion. At Phipps & Pritchard with McCartneys we highlight the importance Post Sale and have a dedicated Sales progression negotiator as your sole point of contact to guide you through the process.

In an announcement from NFOPP (National Federaton of Property Professionals) the Government are looking at measures to make the home buying system easier, faster and more transparent.

  • Housing Secretary Sajid Javid said "Buying a home is one of the biggest and most important purchases someone will make in their life. But for far too long buyers and sellers have been trapped in a stressful system full of delays and uncertainty."
  • Mark Hayward, Chief Executive, NAEA Propertymark said "We particularly welcome the commitment to further regulation - we have long argued that estate agents should be recognised as professionals, this is an important step towards achieving this and we look forward to working with the government."

Measures to include:
• setting a timeline for local authority searches so buyers get the information they need within 10 days
• requiring managing agents and freeholders to provide up-to-date lease information for a set fee and to an agreed timetable which will end the current situation where leaseholders are at the mercy of freeholders and their agents

Zoe Herbert DipREA FNAEA
Partner
Kidderminster Office – 01562 822244

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