Property Exchanges Taking a Month Longer – Enness in The Times

Homes were going under offer at their fastest pace for more than a decade, but the increased level of market activity also created significant delays elsewhere in the buying process.

Strong buyer demand following the reopening of the property market, combined with the stamp duty holiday, placed additional pressure on lenders, surveyors, conveyancers and other professionals involved in completing a property transaction.

As a result, while buyers were moving quickly to secure a property, the time taken to progress from mortgage application to completion was increasing.

Nationwide informed brokers at the time that the initial underwriting of a mortgage application was taking an average of 19 working days, illustrating the pressure being placed on lenders by the sharp increase in applications.

The delays highlighted the importance of preparation for buyers operating in a highly competitive market. Having financial information and supporting documentation ready, alongside an experienced team of advisers, could help reduce avoidable delays during the mortgage and conveyancing process.

For high-value and more complex transactions, early planning was particularly important. The speed at which a property could be secured increasingly depended not only on buyer demand, but also on the ability of lenders and professional advisers to progress each stage of the transaction efficiently.

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