New data reveals over a third of home moves are held up by slow selling decisions – with agents urged to act earlier and smarter
More than one in three homebuyers (37%) experienced delays in securing their next property because they waited too long to sell their existing home, according to new research from GetAgent Exchange.
The findings expose a widespread misstep in the buying journey, with 41% of homeowners admitting they didn’t begin the selling process until they had already started viewing – or even bidding on – new homes.
GetAgent Exchange, a platform that helps estate agents monetise out-of-area leads by referring sellers to trusted agents, commissioned the survey of recent UK buyers.
SLOW TO ACT
It found that while 59% of buyers had a property to sell, a significant share were slow to act, leading to complications further down the chain.
Just under a quarter (24%) only began marketing their existing home once they started viewing properties, while 7% waited until after making an offer. Astonishingly, one in 10 didn’t attempt to sell until they had either had an offer accepted or had completed on the purchase.
Unsurprisingly, these delays often backfired. Of those who reported disruption to their purchase, the most common regret was not starting the sale process earlier. Others blamed slow agent performance or general delays in securing a buyer.
TIMING ISSUES
Colby Short, co-founder and CEO of GetAgent.co.uk, reckons that the findings highlight a systemic timing issue in the property market – but also a major opportunity for agents to provide more joined-up support across geographies.
He says: “The majority of homebuyers also have a property to sell and whilst many start the process of finding a selling agent early on, a large proportion don’t consider the sale of their current property until later in the property purchasing cycle.
“When they do, they can often find the purchase of their new home is delayed due to the time it takes to sell their current property.
“This presents a great opportunity for buying agents to capitalise on potential out-of-area leads.”
BETTER REFERRAL PROCESS
He adds: “Of course, this can be easier said than done, particularly if you don’t have a network of agents in other areas. That’s exactly why we created GetAgent Exchange, to facilitate the referral process for buying agents, ensuring their buyers are connected with a top-performing selling agent in the area they’re moving from.
“In doing so, they can not only monetise the lead, but they can ensure that both the vendor’s purchase and sale is as problem-free as possible due to the fact that there are high quality agents facilitating both aspects of the move.”
The platform, launched earlier this year, aims to bridge the geographic gap that often hinders traditional agents – particularly as increasing numbers of movers relocate to new regions, driven by hybrid working and affordability pressures.
