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House sales buck trends

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Wed 25 Jan 2017

House sales buck trends

The number of prospective buyers registered with agencies in general was the highest in 13 years for the month of December, and the average number of properties available for sale inceased 11% from the year before.

“Our experiences locally reflected these trends. 2016 closed on a very positive note despite several months of damaging uncertainty and unfounded pessimism expressed by certain quarters, but reality has taken over and life is going on”.

“With heightened interest from potential buyers, the number of sales we agreed increased dramatically year on year from October onwards, and we saw sales increase 2016 year end to an all-time December high, and sales to First Time Buyers at their highest on record”.

“However, despite an encouraging December, there remains a clear shortage of homes. We need more property to offer for sale, auction and letting to satisfy registered applicants. We welcome local housing developments and our local authority sites search scheme, and await the government’s housing white paper to see what plans they have in mind  to tackle the general housing shortage”.

“The big problem is the conveyancing process, which is currently taking conveyancing solicitors between 2 to 6 months to complete sales agreed, despite modern technology and availability of information in the public domain. This has slowed property transactions to an all-time slow in our experience, not a problem we experience with our property auction sales which effect exchange of contracts on the fall of the gavel, and completion of sale usually 28 days thereafter”.

Meanwhile we are committed to improve the buying, selling and letting experiences for our buyers, sellers, landlords and tenants.”

Nick Cragg

Proprietor, Country Property 24.1.17