You are here: Home - Mortgages - First Time Buyer - News -

Estate agents say home buying process is outdated

0
Written by: YourMoney.com
30/10/2017
The vast majority of estate agents agree that the home-buying process is outdated, according to a survey by the NAEA Propertymark (National Association of Estate Agents).

Eight in 10 (79%) of 1,711 estate agents who responded to the survey for NAEA’s September Housing Report said they felt the home-buying process needed reforming.

The responses support proposals from the government to reform the house-buying process, but did not address the key questions of banning referral fees and relationships between estate agents, brokers and conveyancers.

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,” he added.

House-hunting activity up

In its September Housing Report the NAEA also confirmed 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, up from 343 in August and 347 in July.

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

However, in spite of the fact that both 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. The proportion of sales made to first time buyers was 23% in September, which was also the same as the previous two months.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Households overpay their energy bills by up to £85

UK households have overpaid their gas and electricity bills to the tune of £928m – or £85 per household.

Close