More agents allowing viewings by ‘non proceedable’ potential buyers

The numbers of potential buyers viewing properties despite not being ‘proceedable’ because they haven’t put their own home on the market has increased nearly four-fold, it has been revealed.

Around 13% of people viewing properties are currently ‘not proceedable’, up from 3.7% last year, says homebuying firm Quick Move Now.

Sharp drop

It is also taking a larger number of viewings to get a property sold at an average of 17 , figures from the firm also reveal.

And the data (for England and Wales) shows a sharp drop in interest from buy-to-let investors.

Danny Luke, MD at Quick Move Now (main picture), says: “This increase in buyers looking for their next home before selling their current property is a marked difference from 2021/2022.

“At the height of the market, it was impossible to get a property viewing unless you were chain-free or already sold subject to contract.

“Agents are happy to entertain speculative viewings from non-proceedable buyers”

“Now, sales volumes have reduced to such an extent that estate agents are happy to entertain speculative viewings from non-proceedable buyers in a bid to get properties sold.”

He says it is “little surprise” that a smaller percentage of property viewings are with buy-to-let investors. “However, some may be surprised that the drop is as much as 56%.

Cancelling out

“A 22% drop in the percentage of viewings with first-time buyers is also interesting.

“Unfortunately, high interest rates and inflation are currently cancelling out any financial benefit of lower prices for most first-time buyers.”

During the height of the post-Covid sales boom TV presenters Kirstie Allsopp slammed agents who were only accepting ‘proceedable’ buyers.