Homebuyers in some areas of the UK are losing out on the value of their property before they even move in, according to research by digital upfront property pack provider, Moverly.
The study found that the time between having an offer accepted and legally owning a house currently sits at 150 days, and in this period, the average UK house price has climbed by £5,323 to £294,329.
However, buyers in 36 areas across the UK are finding that they are already out of pocket on their purchase by the time they complete, with house prices falling since they originally agreed on an offer.
The biggest decline was in Kensington and Chelsea, where a buyer completing today would have already seen the value of their home fall by £194,806.
The delay in completing sales is often due to inadequate supply of upfront property information, which slows down the offer negotiation process and increases the chance of a transaction falling through.
Moverly co-founder Ed Molyneux said: “Anyone who has had the pleasure of moving home in the UK will know that regardless of how quickly you agree an offer, the time taken between this point and actually completing on a sale can drag on for what seems like forever.
“So much so that when a sale does finally complete, the value of the home in question has often shifted by thousands of pounds.
“All too often this delay is down to the inadequate supply of upfront property information which not only slows the offer negotiation process, but it can also considerably increase the chance of a transaction falling through.”
