10 Feb

Property transactions more 'efficient'

Property transactions more 'efficient'

The time taken between exchange and completion when purchasing or selling a new home has fallen substantially over the past few years.

A study by mover conveyancing company myhomemove has found that 85 per cent of transactions now take less than 14 days between exchange and completion, compared to the traditional 28 days.

In fact, in nearly 20 per cent of house sales/purchases, exchange and completion happened on the same day - welcome news for real estate agents looking to seal property deals as soon as possible.

It would appear technology has helped to speed up the process, with people having higher expectations of how fast paperwork can be completed.

"Our research suggests that this shift began during the 1990s and grew throughout the 2000s, mirroring the emergence and establishment of the internet," said Doug Crawford, chief executive officer of myhomemove.

It is expected that around a quarter of people in the UK are planning to move home this year, according to a study by Ocean Finance - making 2014 a potentially busy year for estate and letting agents.ADNFCR-1222-ID-801691757-ADNFCR

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