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‘Homebuying process is outdated’ reckon eight in 10 estate agents

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
03/11/2017

A massive 79% of estate agents argue that the homebuying process is outdated, said NAEA Propertymark, as the Government consults on how to update it.

The trade association found that sales remained flat last month, despite supply and demand rising. And agents blame the long-winded process of buying a home.

Demand for housing up

In September, the number of house hunters registered at estate agents rose to the highest level seen since March this year, with 394 on average per branch. This number was up from 343 in August and 347 in July.

The number of properties available to buy on estate agents’ books increased from 37 in August, to 41 in September – the highest number recorded since March this year.

Despite this, the number of sales agreed remained flat, with an average of eight agreed per branch – the same as July and August. The proportion of sales made to first-time buyers was 23% in September, unchanged over the last three months.

Mark Hayward, chief executive of NAEA Propertymark, said: “The Government’s announcement last weekend that it will consult to reform the homebuying 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.”