Westcoast Residential joins Absolute
Sellers must act now to secure a move by Christmas

We still have over 180 days to go until we crack open the mulled wine and dig into those mince pies but if you want to sell your home by Christmas you need to be thinking about getting your house on the market in the next few weeks!

With a back log in conveyancing, it means those who are looking to move this year and have yet to act will need to do so in the coming weeks. It is currently taking 150 days to complete a purchase on average after agreeing a sale, 50 days longer than this time in 2019! So, if you are hoping to complete a deal to be in a new home by Christmas, you’ll need to come to the market in the next few weeks in order to give yourself the best chance of finding a buyer and completing the transaction by the end of the year. Currently, there are more than 500,000 homes that are sold subject to contract, a huge figure which is 44% higher than it was at this time in 2019, and 39% higher than the pre-pandemic five-year average.

“Existing homeowners looking to buy again will still need to put themselves in the best possible position to secure their next home in this strong market by making sure they find a buyer for their current property before looking for their next home. This is all the more important for those hoping to complete the process as quickly as possible and enjoy Christmas in a new home this year. Though December may feel far away, the data shows the current conveyancing log-jam means it is taking an average of 50 days longer to complete a purchase after agreeing a sale than it did in 2019. It’s therefore important to act now and get in touch with a local estate agent to give yourself the best possible chance of being in your new home for Christmas.”
Tim Bannister, Rightmove’s Director of Property Science

The good news is that buyer demand for each available property remains very strong. Despite five consecutive interest rate rises and the increased cost of living, it is more than double the pre-pandemic five-year May average rising a massive 113%! Also, the average price of property coming to the market has hit a fifth consecutive record of £368.614 rising by a modest 0.3%.

Sellers must act now to secure a move by Christmas according to June's House Price Index

With a better balance between supply and demand, affordability constraints and the usual seasonal price drops, buyer demand for each available property was down by 8% in May compared to April but remains 6% higher than last year and more than double the pre-pandemic five-year May average. With further interest rate rises predicted, alongside a greater choice of properties coming onto the market for buyers there are likely to be some price falls during the second half of the year.

“The exceptional pace of the market is easing a little, as demand gradually softens and price rises begin to slow, which is very much to be expected given the many record-breaking numbers over the past two years. When we look at the number of buyers contacting estate agents compared to 2019 or the pre-pandemic five-year average, demand is still very high compared to what was once considered normal. We’re hearing from agents that though they might have had slightly fewer enquirers for each property in recent months, they’re still seeing significant interest from multiple buyers and are achieving successful sales. Entering the second half of the year, we anticipate some further slowdown in the pace of price rises, particularly given the worsening affordability challenges that people are facing. We expect this to bring the annual rate of price growth down from the current 9.7% towards the 5% increase that Rightmove predicted at the beginning of the year.”
Tim Bannister, Rightmove’s Director of Property Science

Agent’s Views
“It seems that the housing market here in Torbay and Teignbridge is still performing well with more properties coming to the market, which in turn is correcting the imbalance between the high demand we had for stock and the amount of people actually selling. My advice for anyone wanting to move in to a new home before Christmas is to start the process of getting your house on the market as soon as possible as completion times are varied."
Mia Ramsden, Director, Absolute Sales & Lettings

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