New market insight from Moverly, a provider of material information and digital property packs, reveals that the average home value can change by as much as £12,500 in the time it takes to progress an offer to completion. This volatility underscores the challenges faced by agents in avoiding issues such as down valuations or buyer/seller changes of heart.
Moverly’s analysis shows it currently takes an average of 112 days to progress a sale from an accepted offer to completion. Over the last four months, the average sold price of a property in Britain has increased by £5,548. Regional differences mean that in London, the average home value has risen by £12,507 in the same period, with significant increases also seen in the West Midlands, South West, Scotland, North West, and Yorkshire and the Humber.
Moverly CEO Gemma Young said: “The property market is a peculiar beast and we’re used to hearing about the pace at which it can move, both with respect to homes going under offer, as well as the rate of house price appreciation.
“However, the final stage of progressing a sale from sold subject to contract through to completion simply doesn’t move at the same pace and this can prove problematic for agents, as they try to avoid the number of potential pitfalls that can cause a transaction to collapse.”
Young highlighted down valuations as a common threat in cooling market conditions, where mortgage surveyors may value a home lower than the agreed price. Managing seller expectations is another challenge, especially when a property’s value increases significantly between offer acceptance and completion.
“The provision of comprehensive and upfront material information can help combat such issues, allowing agents to proceed with a sale at greater pace and with increased security from potential fall throughs,” Young said. “In doing so, they can reach the finish line more quickly, ensuring that any deal agreed hasn’t been made redundant from notable swings in market values.”
