If you’re considering relocating, or simply purchasing a property to add to your portfolio, it’s likely that you envision completing on your new house before the end of the year.
However, according to Rightmove’s most recent study, completing on a property in 2022 is proving to be a little more challenging, with completion times increasing by 50% from pre-pandemic levels. For those wanting to move in and enjoy Christmas in your new home, now is the time to start the process if you want to do so before the new year.
What’s the reason for the delay in moving home?
Due to a delay in the conveyancing process, it is currently taking longer for buyers to move into their new homes. Currently, it takes 150 days on average from the time a property is marked sale agreed to completion, which is 50 days longer than it did during the same time period in 2019.
With more than 500,000 properties currently being sold subject to contract, the increase in people wishing to move is to blame for the conveyancing backlog.
How to give yourself the best chance of completing before Christmas
Although buyers have little control over most delays, there are a few things you can do to assist the process as much as possible:
- Prior to looking for a new place to live, put your property up for sale. Righmove’s Tim Bannister explains that: “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”.
- Before you go on viewings, if you’re a first-time buyer, make sure you have a mortgage in principle in place. Most real estate brokers will want to make sure you have the money to finish the transaction.
- Ask a conveyancer to finish the process as soon as feasible.
- Any correspondence or inquiries from your conveyancer or estate agency should be answered as soon as possible.
- Inform your conveyancer of the optimal time for the exchange and completion
How Belvoir Can Help
Start your research for your new home or buy-to-let today by taking a look at the homes we have for sale. View houses for sale in Nottingham now.
