Summer is traditionally a popular time to move, with many families hoping to settle in before the new school year. But this year, buyers appear to be taking their time, leaving sellers with greater competition for attention.
Rightmove’s July House Price Index shows the average asking price of a newly listed home fell by 1 per cent, or £3,832, to £372,359, a steeper drop than the 0.2 per cent seasonal fall typically seen over the past decade.
Beyond pricing, summer brings its own set of practical challenges once a sale is agreed. Buyers and sellers must navigate a legal process involving conveyancers, estate agents, lenders, surveyors and local authorities, many of whom are managing heavier workloads alongside annual leave.
Laura Maggs, Managing Director of Montrose Brown Law, said the season catches many people out.”Moving home involves several parties, and a delay affecting one can quickly affect the rest of the chain,” she said.
Buyers and sellers should ensure paperwork, funding and instructions are ready from the outset
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“Buyers and sellers cannot control every stage, but they can make sure their paperwork, funding and instructions are ready from the outset.
“There is, however, some positive news on the horizon. The Government has recently announced proposals aimed at modernising the home buying and selling process, including greater use of digital identity verification, improved sharing of property information and wider adoption of digital technology across the conveyancing process.
“While these reforms are unlikely to deliver immediate change, they are intended to reduce avoidable delays and create a faster, more transparent home-moving experience in the years ahead.”
Here Laura outlines the challenges this season presents for moving – and how to navigate them.
“Annual leave is one of the most obvious pressures. With conveyancers, agents and advisers all taking holidays, buyers and sellers should flag any periods of unavailability early, particularly if they hope to exchange or complete around those dates.”
Higher transaction volumes at this time of year can also slow local authority search turnaround times and stretch the availability of surveyors, valuers and mortgage advisers.
“Mortgage applications can add further delay. An agreement in principle is not a formal mortgage offer, so buyers need to submit the full application promptly once an offer is accepted and respond quickly to requests for further evidence.”
Chains compound all of this. One outstanding mortgage offer, missing document or unanswered legal enquiry can hold up several households, even where everyone else is ready to proceed.
How to combat the challenges: Collate documents in advance
Buyers should have identification, proof of funds and mortgage details ready. Sellers should locate planning permissions, building regulation certificates and guarantees.
Leasehold sellers should request the management information pack promptly, as it can take time to obtain from the freeholder or managing agent.
Progress mortgage and survey arrangements without delay
A lender’s valuation is carried out for the mortgage provider and is not a substitute for an independent survey, so booking early gives buyers more time to consider any issues identified.
Communicate promptly throughout
Forms, signatures and responses to enquiries should be returned quickly, and buyers and sellers should keep their conveyancer and estate agent updated if circumstances change.
Set a realistic asking price
Rightmove has reported that the supply of available homes is close to a 12-year high for this time of year, giving buyers more choice. An overly ambitious price could delay finding a buyer and starting the legal process.
Rightmove has reported that the supply of available homes is close to a 12-year high for this time of year
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Get legal support early
Instructing a conveyancer as soon as possible is the single most effective step, ideally with a firm that has the capacity to manage the summer surge. Montrose Brown Law works with buyers and sellers to keep transactions moving through the busiest months of the year.
Maggs added: “No conveyancer can guarantee a completion date at the outset, particularly where there is a chain. However, early instruction, complete information and prompt communication give everyone involved the best opportunity to keep matters progressing.”