Now is a great time to buy and sell, with continually increasing house prices now levelling off and backlogs of sales now clearing. In July, Rightmove reported that house sales were taking 150 days to complete – that’s 50 days longer than pre-pandemic in 2019.
While we personally didn’t experience these huge delays, it is true that the stamp duty holiday increased sales while disruption during the pandemic and subsequent working-from-home caused delays in some key professions in the house-buying process.
Lenders are also being more cautious with mortgages which furthermore slowed down the process. However, we seem to be emerging from this sluggish cycle and everyone is working together to ensure buyers get their keys in a timely fashion.
If you’re a buyer or seller, there are things you can do to help speed up the sale – some before you’ve even put the house on the market, or said ‘I’ll take it!’:
- Appoint solicitors or conveyancers, or at least have some ready to go as soon as you are. This ensures ID checks can be made and contracts drawn up swiftly. Your estate agent will likely have trusted solicitors they can recommend, so do ask for their suggestions
- Sellers should get all VIDs (Very Important Documents!) ready to pass on, including any building regulation certificates if work has been carried out, Electrical Installation Condition Report (EICR), gas safety certificate if you’ve had a new boiler installed and Energy Performance Certificate (EPC)
- Buyers should have the mortgage all in place and money should be ready for exchange when needed
- Ensure you can be reached – so don’t start the process, then go on holiday for a month without your mobile!
- Work towards a realistic date – everyone in the loop should agree on a target date for completion to ensure you work together towards the same goal
- Nag, nag, nag! If you haven’t heard from your solicitor for a while, call them! Find out what’s happening and make sure you are their priority! At Thomas H Wood, we will chase all parties involved and ensure the process stays on track.
Don’t delay in starting your buying or selling journey. Visit thomashwood.com and get the ball rolling today!