The industry must not lose focus on the need to reduce completion times just because the rush to finalise home purchases before the stamp duty deadline has passed.
With the average time to complete a property transaction in 2024 standing at 160 days Ben Ridgway (main picture), Co-Founder of iamproperty, is calling on the property sector to work together to achieve faster completions and a more efficient homebuying process.
In March, iamproperty’s conveyancing teams achieved a record number of auction completions, helping 1,182 buyers to beat the deadline – which was 40% up on the same month last year.
On the final day of the month alone, the team pushed through double the number of daily completions.
MOVE FASTER
Ridgway says: “The deadline brought the pressure to all parts of the transaction process, as the industry needed to move faster and push through completions at volume.
“Unfortunately, many homebuyers lost out on the better rates as they grappled with the current completion timelines which, overall, are too long and vulnerable to bumps in the road.
“As a result, there have been many missed opportunities and wasted time for Estate Agents and other parties. Some buyers have had to drop out of chains entirely or stretch their budgets, adding a further strain in what is an already challenging financial climate.”
Data from Rightmove estimates that first-time buyers who did not complete on time were likely to be extra vulnerable and were forecast to be hit with an additional £34 million in tax collectively.
SPEEDIER SALES
Ridgway adds: “The need to speed up completion timelines hasn’t disappeared.
“Everyone involved in the homebuying process deserves to experience speedier, smoother and more successful sales. The timing of the government recently announcing its plans to digitise the homebuying process also can’t be a coincidence, while the spotlight is on the industry.
“I believe the key to the change needed is the industry embracing technology to get properties exchange-ready faster. By gathering all the legal information upfront, including a pre-sale title check, legal searches review, and raising and addressing standard enquiries, unnecessary delays are minimised which goes a long way to reduce the chances of a sale falling through.
“We see this with our Premium Conveyancing service which achieves an average completion time of 79 days with just a 7% fall-through rate.
“The large-scale change needed may not have arrived in time for the deadline, but the industry shouldn’t lose focus on transactions and what’s possible to enable a more efficient and predictable process for all going forward.”
