Buy-to-let
The house buying process takes longer in the South East and East Anglia than anywhere else in the UK, according to a new report by removals company Bishop’s Move.
Bishop’s Move, which is celebrating its 160th year in business, surveyed 1,000 people and found that almost half (47 per cent) of those in the South East took between 10-15 weeks to complete their property transactions; closely followed by East Anglia at 46 per cent.
The Soth East figure can be broken down to 22 per cent of home buyers taking between 10-12 weeks, while a quarter (25 per cent) spent 13-15 weeks completing the house buying process. A further nine per cent said it took them longer – between 16-18 weeks.
In contrast, 41 per cent of those in the North East are in their new homes within just six weeks from having an offer accepted and 54 per cent in the South West complete their moves within nine weeks.
Scotland
Those buying a home in Scotland are in their new property on average within just six weeks. In Scotland the majority of property is sold by estate agents working within solicitor’s firms ensuring transactions are dealt with under one roof.
Another difference is that under the Scottish system, the majority of checks are carried out before any offer is made. The offer is also a much more formal affair made through a solicitor.
Chris Marshall, sales & marketing director at Bishop’s Move, commented: “With a buoyant housing market across the South East, it comes as a surprise to see transactions taking so long across the region. It remains to be seen whether this points to a lack of resources against what is currently a high number of moves.
“Our network of branches across the South East in Guildford, Crawley, Portsmouth and Chessington have all seen first-hand how quickly the property market is picking up with notable increases in enquiries compared to the same time last year.”
