The length of time between ‘exchange and completion’ when buying or selling a property has dramatically decreased in recent years, according to research by myhomemove.
Traditionally, the industry standard has been 28 days, says myhomemove, but this has been shortened in 85 per cent of cases to within 14 days. In nearly a fifth of cases it is reduced to simultaneous exchange and completion, as people expect ‘instant results’ when buying or selling their home.
myhomemove research has revealed that:
- 85 per cent of home movers complete within 14 days of exchange
- 62 per cent of home movers complete within seven days of exchange
- 32 per cent of home movers complete within two days of exchange
- 16 per cent of home movers exchange and complete on the same day
Doug Crawford, CEO of myhomemove, explained: “Traditionally estate agents would advise their clients that 28 days was the standard between exchange and completion, allowing people the time to plan their move, book removal vans and organise their families before the big day.
“However in recent years, this figure has been reduced, with 85 per cent completing within 14 days of exchange and nearly a fifth of our clients signing contracts and picking up the keys on the same day.”
When asked by myhomemove for their views on this shift, nearly 40 per cent of estate agents believed it is down to their client expecting “things to happen instantly” – an expectation that has been developing since 1990s; the last time estate agents regularly remembered the time between exchange and completion being 28 days.
Crawford added: “Our research suggests that this shift began during the 1990s and grew throughout the 2000s, mirroring the emergence and establishment of the internet. Today people generally search for properties online, so it’s no wonder their expectation is to be able to ‘click and buy’ and to reach completion as quickly as possible.”
