What a difference a year makes…
Summary
The article reviews recent property market and conveyancing data, noting a shift from seller-favourable conditions to a more buyer-favourable market. It reports continued declines in new conveyancing instructions and completions, while exchange and completion timelines are lengthening, suggesting process inefficiencies rather than volume alone are driving delays.
Why it matters
For residential property surveyors, the market backdrop affects transaction flow, client expectations and the pace of instructions through the sales process. The discussion of reform and longer transaction timelines is relevant to how survey findings feed into conveyancing and completion risk.
Key points
- Listings remain strong, but demand is being affected by socio-economic factors.
- New conveyancing instructions fell in July, August and September year-on-year.
- Overall quarterly completions were also down compared with the previous year.
- Exchange and completion timelines are extending despite lower volumes.
- Project28 is cited as an industry initiative aimed at influencing home-buying reform.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
