Date Published 14 May 2021
We recently had an industry update from our governing body (NAEA Propertymark), discussing the latest on what is happening within our industry at the moment. We found it very interesting, so thought we would share some of the facts and figures with you to help guide your through buying or selling at this time.
This information comes from the recent NAEA Propertymark Market Update Webinar, led by industry members, professionals and conveyancers.
- Local area searches for East Devon are taking approximately 6 working days whereas West Dorset searches are taking as long as 70 working days. It is also worth noting that some London boroughs are taking up to 180 working days!
- Mortgage Offers are typically taking 40-50 working days on average
- Across the board, the industry is seeing 3 x more buyers than EVER before
- Office of National Statistics says that there has been an increase (Feb 20 - 21) in Sold properties (Completions) by 8.7% although this is likely to be closer to 10% as doesn't take into account "Sale Agreed" properties
- COVID 19 Guidelines remain in place
- Overall, our industry is now beginning to see a rise in new market appraisals and instructions, therefore the high pressure situation a lot of people have found themselves in over the past year should be starting to ease as we see more properties come to market. Things are gradually starting to balance out again - thank goodness!
If you have any questions for us or want to discuss buying or selling, please do get in touch and we will be very happy to chat with you.