Published: 20/04/2021 By ARWith demand for homes being significant at the moment, many people in the property market have described the sector as a “seller’s market” right now.
Demand for homes has long outstripped the supply of property in recent years, but in 2021, the gap between buyers and vendors is larger than ever.
It is therefore reasonable to assume that many homeowners have concerns about selling their home, and a recent study has looked into these issues.
At Dwell, we are estate and letting agents in Leeds who focus on the highest quality service and customer care. Our job can be described in simple terms - we help people to move. Therefore, if current homeowners have concerns about moving home, we want to know what these issues are, and we are keen to resolve them as much as possible.
Time is always of the essence with property deals
The study was carried out by OneDome, an emerging property portal, and they spoke with more than 5,000 estate agents across the UK. 74% of respondents said that a “lack of speed of the transaction” was the biggest issue in the market.
This is a challenging time for all sectors, not just the property market. It is confusing for many people because while the time it takes to agree a sale is falling in and around Leeds, the overall time to conclude a deal is taking longer.
Issues relating to the pandemic has hampered the mortgage sector, valuations, and a lot of the administrative matters that are essential in concluding a property transaction. The industry as a whole, and we as agents, are working hard to minimise this time without compromising on the standard of work carried out.
However, as is the case for industries across the country, it will take time for things to “return to normal” or at least reach a level that is comparable with what we had before.
Certain problems are outside of your control in the property market
The second most commonly stated issue was the “lack of control” felt in the sales process. This was said by more than 40% of respondents. It is felt that this is down to the number of parties involved with a property transaction.
Anyone who has seen a property deal collapse because of problems in the chain understands this. Even when the buyer, vendor and agents do everything correctly, external issues might cause delays or problems that cannot be overcome.
The five most commonly stated issues that require resolving in property sales’ transactions were as follows:
- Lack of speed of the transaction
- Lack of control of the transaction
- Lack of visibility of transaction progress
- Poor consumer experience
- Not enough revenue from each transaction