National Association of Estate Agents (NAEA) Chief Executive Mark Hayward says the creaking house moving process is one reason of the key reasons why sales volumes remains low “despite the fact that the supply of housing is up”.
The comments follow NAEA research revealing that 80% percent of estate agents canvassed by the say the house moving process is out of date and just a week after the government announced it wants to reform the home buying and selling process and began a consultation process.
Sajid Javid says he wants to hear from estate agents, solicitors and mortgage brokers on a wide range of issues but in particular about how to stop gazumping, reduce time wasting and preventing buyers from pulling out of deals before exchanging contracts.
“The Government’s announcement last weekend that it will consult to reform the home-buying process couldn’t come soon enough, and we welcome it,” says NAEA Chief Executive Mark Hayward.
“Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the twenty first century.
“The current prolonged process means sales are stagnating despite the fact that the supply of housing is up, and there is growing demand.
“Hopefully we will see activity pick up marginally in the short term, when properties which are being marketed now are taken off the market and pushed through, so buyers can be in before Christmas.”
The NAEA figures also show an improving situation within the sales market. During September the number of house hunters registered at branches reached the highest level since March, up by over 50 to 394.
And the supply of properties increased too, from 37 in August to 41 in August.