Nine in every ten home sellers expects to complete their property transaction within three months of their property being ‘Sold Subject To Contract’ (SSTC), according to results of the 2019 Property Academy Homemovers Survey. In reality, just over half (55%) met that timescale.
Research by proptech company, View my Chain, suggests the process from SSTC to completion takes 120 days. Obtaining a mortgage typically takes five to six weeks and the exchange and completion process over three.
In addition they calculate just over a month is spent organising and waiting for the return of searches, and another month to sort enquiries between vendor and purchaser.
Further to consultation initially carried out in 2017, the government published proposals earlier this year to improve the home selling process and make it “quicker, cheaper and less stressful”. Reservation agreements trials were due to take place in the new year.