The conveyancing process continues to drag the industry down, according to figures published by Propertymark today in its July review.

Agents reporting average time from offer accepted to exchanging contracts has been growing over the past two years. This month hit a new record low with 41 per cent of agents reporting average times stretching over four months. Pre-pandemic average from 2015-1019 for July stood at just six per cent in comparison.

The association members are also reporting a more traditional ‘summer dip’ in activity, as buyers and sellers finally take long-overdue holidays. “The number of new buyers registering per member branch in July has remained lower than in the spring months as summer market conditions continue.”

SALES AGREED

There were nine sales agreed on average per member branch in July, following similar levels for the previous three months, a figure just slightly above pre-pandemic levels.

And the figure for sales agreed as a percentage of stock remains high, at 39 per cent in July. This is compared to the pre-pandemic average of 16 per cent of stock sold in the month of July between 2010 to 2019.

SUPPLY

Supply is still woefully low, with the average number of properties available to buy per member branch at 24 in July. Pre-pandemic there was an average of 51 properties available per branch in the month of July (based on 2010-2019 figures). New instructions were stable at nine per branch, per month in July.

Nathan Emerson (left), CEO Propertymark, highlighted the damage the lengthening time for completion was having, saying this, “Is proving difficult for some first time buyers or current homeowners, as an existing mortgage-in-principle obtained before setting out to view a property, will likely expire before completing on the purchase.”