20% rise in ‘time to find buyer’ for estate agents reveals report

There has been a 20% increase in the average time taken by estate agents to find a buyer for properties over the past 12 months says Gemma Young (main image) boss of Moverly, who warns sellers should be told not to be too optimistic about pricing.

Between October 2022 and September 2023, it took an average of 54 days to secure a buyer. This has now increased to 64 days.

Young’s comments follow research carried out by her company that reveals, nevertheless, how 2024 has been a good year for the housing market.

Its data shows monthly mortgage approvals were over 60,000 in February and have increased every month, hitting a two-year high in October of 68,303.

However, with more and more buyers returning to the market, the company is advising sellers not to get ahead of themselves as the time it takes to secure a buyer has increased over the past year, while house prices have remained static.

Sellers might want to be careful not to assume that they will achieve a quick sale.”

One of the key factors is the level of for-sale stock on the market which, during the past 12 months, has increased in England by almost 14% to 846,455 listings.

This surplus makes for a buyer’s market and in such an environment, sellers are expected to reduce their asking prices in order to attract a buyer.

But the figures show that this hasn’t been happening, with the average asking price over the past 12 months (£367,572) 0.2% higher than it was during the previous 12 months (£366,881).

As a result, Moverly adds, the average sold price secured has remained at 77% of the asking price, as buyers continue to battle against high mortgage costs, despite recent reductions in the base rate.

Together, these factors mean that sellers are now waiting considerably longer to secure a buyer.

More funding

Moverly has also revealed extra funding for its business from LMS, the UK’s leading conveyancing panel management specialist and creator of The National Property Transaction Network. This partnership marks a “significant step toward creating a more connected, efficient property transaction process across the UK” the two firms say.

Nick Chadbourne, CEO of LMS, adds: “Moverly’s expertise has been instrumental in helping to shape the UK’s approach to open data standards in the property market. This investment reflects our confidence in their ability to deliver solutions that foster openness and collaboration, and we’re proud to support their efforts to drive progress and happy to have them involved with The National Property Transaction Network.”