Average conveyancing time is now 150 days, homeowners need to come on the market in the next few weeks to have a chance of moving by Christmas. We are finding that buyers are still happy to work with homeowners timescales, so it's best to find a buyer now to ensure all deadlines are achieved.
I think we can all agree that a constant conversation point for most people is how quickly the year is going, and 2022 is no different. Following two years of being locked down, for most life has gone back to normal, which always seems to speed time up!
Unfortunately, when it comes to conveyancing in the property sector we are desperate for a total revamp of a system that still mostly works on a system that has been in place for decades, meaning that for most their timescales are completely reliant on the conveyancing process. This month's figures only reinforce this point more.
- The average time taken for a home in our Yorkshire region to go SSTC (Sold Subject To Contract) is 31 Days.
- Unfortunately the average time through conveyancing (The legal side of a property transaction) is taking on average 150 days!!! At The Property Shop we have a dedicated sale progression team to speed this up however lengthy delays can still occur due to a variety of issues.
The good news is that even with the chaos of strikes, war in Europe, crazy inflation and rising interest rates the market still remains buoyant within the Yorkshire region.
- This last month alone house prices have increased a 1% hike!
- From July 2021 to July 2022 that brings the Year on Year growth to 10.6%
- Properties in WF9 had an overall average price of ยฃ158,659 over the last year - so the average house hold gained over ยฃ15,000 in tax-free equity in the last 12 months alone. Of course, the larger the house price, the larger the growth you may have benefitted from. Perhaps now would be a good time to downsize to release your equity and protect yourself from rising energy costs from September (yes..more rises! ๐ค)
A word of warning though is that there has been a 7% increase of properties coming on the market compared with this time last year. If this rise continues we will see a balancing of supply and demand and a market rapidly heading towards a buyer's market which will surely bring prices down.
Rarely has there ever been a more appropriate time to sell!
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*Data Sourced from Rightmove Price Index
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