The Government has announced they intend to consult on the home-buying and selling process. It seems that a huge number of UK estate agents are in favour of reform.
NAEA Propertymark (National Association of Estate Agents) today issued its’ September Housing Report, which reports that 79% of estate agents believe that the home-buying process is ‘outdated’.
The September report also revealed significant demand in the housing market, with September recording the largest number of house hunters registered at estate agents since March this year, with 394 on average per branch, up from 343 in August and 347 in July.
Figure 1: Number of house hunters registered per branch from September 2016-2017
The number of properties available to buy on estate agents’ books also increased from 37 in August, to 41 in September – the highest number recorded since March this year. However, whilst supply and demand for properties increased in September, the number of sales agreed remained flat, with an average of eight agreed per branch – the same as July and August.
Similarly, the proportion of sales made to first time buyers was 23 per cent in September, the same as the previous two months.
Mark Hayward, Chief Executive, NAEA Propertymark said:
“The Government’s announcement last weekend that it will consult to reform the home-buying process couldn’t come soon enough, and we welcome it. Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the twenty first century. The current prolonged process means sales are stagnating despite the fact that the supply of housing is up, and there is growing demand. Hopefully we will see activity pick up marginally in the short term, when properties which are being marketed now are taken off the market and pushed through, so buyers can be in before Christmas.”