buying a property

Buyers Reluctant to Move Due to Transaction Times

No doubt about it, moving home is extremely stressful. Today, it has become even more stressful due to the national shortage of available properties. Not only has this held up first-time buyers and people looking to a buying a property – but those looking to move out of their current homes are being deterred also.

Affecting Homebuyers

The increased stress and length of time it currently takes with property transactions is affecting 9 out of 10 homebuyers, with the respondents describing the process of moving home stressful and the length of time it takes to complete just as frustrating as the lack of certainty and waiting for exchange and completion dates.

Over the last six months, the average completion time was 153 days – the equivalent of 5 months – in comparison to the 124 days it usually took pre-pandemic.

Homeowners have since documented that they find it unlikely that they would move again within the next 5 years due to the experience, with most over-55s deciding that they would rather stay put in their current home. This may result in many people being left in homes that may rapidly become unsuitable for their later life plans.

Different Strategies

When quizzed on what they would do differently when moving home next time, 45% of people said they would save more money aside, and 19% claimed they would use more independent estate agents or soliciting firms.

New instructions have seen a rise by 36% and buyers have been accepting of paying more to move, with legal fees rising to 11% on average. Homebuyer surveys cost £525 on average, up from £465 the previous year.

This means that potential homeowners are paying almost £2000 in associated costs – money wasted if transactions fall through. That’s why it’s so important to instruct a reputable estate agent like Joules!

Potential Solutions

Home moving can be one of the most stressful experiences that people can endure, a fact that few would be quick to argue. One in three home buying transactions should not be falling through, representing tens of thousands of hopes for a home dashed and incredible sums of money lost. Creating more certainty around property transactions is therefore essential and may require legislative reform to protect buyers and sellers once offers have been accepted.

For those looking at buying a property or buy property in Stockport and the surrounding rural areas, frustration is high but the outlook is promising for people looking at how to sell a house in the area. For more information on properties throughout the Stockport area, contact the team at Joules estate agents Stockport.

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What Affects Property Sales the Most in 2022?

It is frantic, it is unpredictable. It is frustrating.

It is the housing marketplace in the UK in 2022. Whilst we are enjoying one of the hottest weeks on record in terms of weather, the marketplace for available homes continues to be scorching hot. For every person who successfully finds a home and moves in, there could be 20 people getting a bit hot under the collar on the waiting list.

However, almost a third of property sales that collapsed during the second quarter has been a major focus this past month, and the reveal that the third was a result of tougher criteria by lenders, with 31% falling through between April and June before completion

Refusal of Funds

Of the collapsed sales, 30% failed due to the refusal of funds by mortgage companies to buyers, suggesting a growing caution from lenders.

Half of the failed sales during the second quarter were down to buyers changing their minds and pulling out in pursuit of alternative properties – or pulling back following unfavourable survey reports. The remaining 20% circled gazumping or buyer circumstance changes.

In this day and age, it is certainly unusual for buyers to have an offer accepted on a property without an agreement in principle in play with a mortgage lender. This would point to the 30% of failed sales being the result of the difficulty in securing a mortgage with buyers being turned away during their formal mortgage application, following an agreement in principle.

Strict Against Risk

The indication that underwriters are getting more strict in their levels of acceptable risk, in terms of both buyer circumstances and financial picture – as well as properties they are prepared to lend on.

The fall-through rate has remained stable in the first half of 2022, falling just 1% in the first/second quarter. The reasons for the failed sales certainly are painting a picture of the challenges faced by the property market – with growing inflation and cost of living making it inevitable that lenders and buyers would begin the process of greater caution.

The delays in the conveyancing process are also resulting in increasing numbers of buyers applying for extensions to their mortgage offers out of necessity. Those offered a mortgage to buy property in Stockport may have found themselves unable to secure extensions to their offer, even without changes to circumstances.


With lending criteria toughening up, difficulty around securing mortgage finance is something that may be around for many more months to come, not only affecting those trying to purchase a home but also having a knock-on effect on those looking at how to sell a house in this climate.

For more news on available properties and advice on buying or selling a property, contact the team at Joules Estate Agents Stockport today.

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