Time from offer to exchange sees 'significant slowdown': Propertymark

The average time from offer accepted to exchanging contracts hit a new record high this month, with 41% of agents reporting average times stretching over four months. This is a new record and stands well above the pre-pandemic average for July of only 6% (based on 2015-2019 figures).

In addition, Propertymark says it is continuing to see the evidence of a summer dip as buyers and sellers turn their attention to holidaying.

The number of new buyers registering per member branch in July has remained lower than in the spring months as summer market conditions continue.

There were nine sales agreed on average per member branch in July – the same number as the previous three months. This figure is close to the pre-pandemic average of eight for July, based on 2010-2019 figures.

The average number of properties available to buy per member branch was 24 in July. This is still well below the pre-pandemic average of 51 properties available in July. There was little change month-to-month on the number of new instructions per member branch, which sat at nine in July.

Nathan Emerson, CEO of Propertymark, commented: "Our latest data shows a sharp spike in the number of agents reporting the average time taken for sales to complete being 17 weeks or longer.

"This, coupled with lack of stock and high demand in the market, is proving difficult for some first-time buyers or current homeowners as an existing mortgage in principle obtained before setting out to view a property will likely expire before completing on the purchase."