More than half (51.2%) of the member agents surveyed for Propertymark’s latest housing insight report say transactions are taking over 17 weeks to complete from the point of acceptance.
The figure had previously fallen to just 35.4% of agents in June, down from 40.4% in May.
The rise in transaction times is a negative measure in an otherwise positive report, which covers July. Prospective buyers jumped to 75 per member branch, up by 20 since June, and new supply also grew slightly, up to 10.9 homes per member branch from 9.5 in June.
“July’s figures present a market with encouraging signs of activity, but one that remains challenging for both agents and their clients”, Propertymark CEO Nathan Emerson said.
“The rise in prospective buyer registrations, alongside a modest increase in sales agreed and new instructions, suggests there is still underlying demand in the sales market. However, with stock levels continuing to build and the majority of properties achieving below asking price, the balance of power remains firmly with buyers.”
On the increase in transaction times, he added: “The fact that more than half of agents are seeing most sales take 17 weeks or more from acceptance to exchange is particularly concerning.
“Delays in the conveyancing process continue to create uncertainty can undermine confidence in an otherwise functioning market.”
