Research shows that home movers expect ‘instant results’January 27, 2014
Research by My Home Move, the UK’s leading provider of mover conveyancing services, has revealed that the length of time between ‘exchange and completion’ when buying or selling a property, has dramatically decreased in recent years.
The traditional industry standard of 28 days has been shortened in 85% of cases to within 14 days, and in nearly a fifth of cases reduced to simultaneous exchange and completion, as people expect ‘instant results’ when buying or selling their home.
My Home Move research* has revealed that:
- 85% of home movers complete within 14 days of exchange
- 62% of home movers complete within seven days of exchange
- 32% of home movers complete within two days of exchange
- 16% of home movers exchange and complete on the same day
Doug Crawford, CEO of My Home Move, explains, “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% 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 My Home Move for their views on this shift, nearly 40% 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.
Continuing, Doug said, “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.”
For more information on My Home Move and the services it provides, please visit https://www.myhomemove.com/