Insights

Six months! A guide to the simple steps which can cut down on the average wait for completion day

In the UK, the average homeowner waits six months between a property sale being agreed and completion day, according to RightMove.

That’s a waiting time of almost two months more compared to just three years ago!

With demand exceeding supply, it is no great surprise that conveyancing processes are taking longer than usual. And with no immediate signs of any let up in demand, buyers should expect delays to continue.

Fortunately, it is possible to speed up the buying process. In our latest blog, the Oxford Property Consulting team shares some useful tips.

Be a ‘hot’ buyer

Estate agents are increasingly searching for buyers who can accommodate a smooth sale for their client.

When making an offer, you will be positioned as either a ‘hot’ or ‘cold’ buyer. A hot buyer will be first person an estate agent considers when a property is placed on sale.

Examples of hot buyers include:

Chain free

As a chain-free buyer, a property purchase is not dependent on the sale or purchase of other properties.

Cash

A cash property sale can be completed in weeks as this process does not require mortgage valuations or waiting for mortgage funds to be released.

House is under offer

When your home is under offer, it automatically positions you a serious buyer – someone who is ready to move out soon.

House already sold

Even better, your house might already be sold and a move into a new home could not come soon enough. In this example, you will be chain free too.

Buy off-market

Defined – An off-market property is one that is not advertised on the open market. You will not find these homes on Rightmove, Zoopla or any other online portal, for example.

Off-market property purchases have boomed in recent years, with as many as one in 10 property sales now completed away from the public eye.

Off-market properties typically attract serious buyers and allow prospective owners to approach the seller directly either through word of mouth or a buying agent.

By buying off-market, you are less likely to become embroiled in a bidding war due to fewer competitors.

In fact, the average off-market property in 2022 sold within 42 days of being put up for sale. By comparison, it has taken 65 days for properties listed on the market to sell.

Quality support and guidance

Working with a buying agent who understands your needs and how quickly you want to move will help drive the entire purchasing process forwards.

At Oxford Property Consulting, our team are local experts and have built trusted relationships with locally based estate agents, solicitors, builders, surveyors, interior designers and more.

This guarantees a well-rounded and smooth purchasing experience – from initial viewings to placing an offer, submitting paperwork and receiving the keys.

Personal touch

Conveyancing delays are not always something you can control.

However, being well prepared by having the correct paperwork and documentation in place and ensuring your communication is prompt and clear goes a long way in supporting a smooth transaction.

Below are some simple steps you can make before buying and during the transaction.

If your house is sold or you are chain free:

Arrange your mortgage as soon as possible
Arrange a survey
Shop around for buildings insurance

If you’re selling a property before buying:

Ensure you have an up-to-date Energy Performance Certificate (EPC)
Have building warranties to hand if the property you are selling was purchased as a new build

Contact our team today!

If you’re considering a move to Oxfordshire and would like to enquire about professional help from local experts, drop the Oxford Property Consulting team a message today and let us start your search for your dream home.

Email info@oxfordpropertyconsulting.co.uk or call 01865 553956.