Home-buying delays to be cut
The Treasury estimates that failed house purchases amount to £270 million (almost 18% or 200,000 transactions) each year and have announced they are planning a inquiry into the selling process to ensure it is "better value for money and more consumer-friendly". This means in future home-buying delays could be reduced to stop buyers being outbid and speed up transactions.
As a rule at Preston Baker, we estimate that selling your home can take as little as two months by adopting more proactive practices to market properties – but can on occasion be longer. You can find out about our approach in our how to sell your house guide.
An out-dated system that needs updating
Mark Hayward from the NAEA (National Association of Estate Agents) agrees that a change is needed, and long overdue. In the Telegraph he was quoted as saying: "The English system for buying and selling property dates back to the 1920s and has not been updated for nearly 100 years."
"It is an archaic system which doesn’t allow for modern technology. It needs updating to allow for as much work to be done before the point of offer as possible."
Does Scotland work best?
Many see the way Scotland work as being the answer. North of the border, an accepted offer is immediately a binding deal and thus stops the possibility of losing a purchase to another buyer.
Not only this but a report is mandatory for sellers and reduces potential delays as buyers already have surveys and energy certificates without having to commission their own.
Is this beneficial to all parties?
Any way to cut hurdles and potential pitfalls within a house sale has to be commended and encouraged. A directive such as this helps to reduce stress for all parties and makes the process smoother and quicker for buyers, sellers… and even estate agents!
How quickly can Preston Baker sell my home?
According to Hometrack.com (house pricing tracker), it takes, on average, nine weeks to sell your property in Yorkshire and Humberside. With our Property Launch service, we average just 52 days to find a buyer. This is less than half the time of our other homes, takes place on a convenient day for you and sells at an average of £5,000 more.
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