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TODAY'S OTHER NEWS

Average exchange of contracts takes over five months - claim

A sales progression tool is urging property professionals and consumers alike to do more to speed up typical transaction times, and claims that on average the exchange of contracts takes 166 days - equivalent to 5.3 months.

mio cites Matterport figures showing that in a survey of 2,000 owners the longest of all took a remarkable 25 months. Following the exchange, waiting to get a mortgage offer is the next lengthiest process at an average of 24 days, according to the study.

The same survey also calculates that the typical completed move in the UK takes 210 days - that’s some 6.8 months - although official figures estimate that it is 126 days, just over four months.

Jon Horton, product director of mio, says agents and conveyancers should work together instead of separately - or even against each other.

”Good communication is vital for property professionals, both in organising key aspects of the move and managing the expectations of buyers and sellers” he says, adding that agents and conveyancers who use technology and take a more accessible approach towards sales progression can improve customer satisfaction and repeat business.

Meanwhile he says consumers should do more to remain easily contactable, be prompt in returning documents and remain flexible with dates to stop transactions from stalling.

He says mio - launched on a national basis in May - showed during an earlier 18 month pilot project in Wales that it could reduce the time to exchange to 85 days.

It uses data feeds to automate some of the sales progression and offers a shared view of the moving chain and milestone updates. Vendors and buyers also have access to an app enabling them to see the progress of their home move, the status of their chain and communicate directly with their agent.

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