A new Propertymark report says almost half of its agents say the time between accepting an offer and actually exchanging contracts is now 17 weeks or even longer.
The trade body has been collecting this data since 2015 and the latest proportion – 43.5% – is the highest in that 11 year period.
This follows on from a recent suggestion by Foxtons that if sellers want to be in their next property by Christmas, they should list shortly.
The Propertymark report, which relates to April, says each branch took on an average of 12.3 homes for sale that month, although typical viewings were down to only 2.4 per property – fewer than in March.
It adds that of all the sales completed in April, only 11% actually achieved the asking price – and a whopping 86% sold below asking price.
This comes on top of this week’s Rightmove data which shows asking prices actually dipped in recent weeks, for the first June in 14 years.
The Propertymark report’s lettings summary – which refers to the month before the Renters Rights Act became law – shows an increase in the average number of new tenancies to 9.63 per branch.
However, there remains a major imbalance between supply and demand. Propertymark says that in April there were around seven would-be tenants chasing every available home to let.
The trade group’s chief executive, Nathan Emerson, says: “Despite wider economic uncertainty and inflation remaining above target, the housing market continues to demonstrate resilience.
“While viewing levels softened during April, buyer registrations and sales agreed remained broadly stable, suggesting that committed purchasers are still actively progressing transactions.
“It’s encouraging to see new sales instructions and overall stock levels increase, providing buyers with greater choice. However, affordability challenges remain key consideration, particularly as higher borrowing costs continue to influence budgets and purchasing decisions.
“With a significant proportion of transactions still taking more than 17 weeks to reach exchange, there remains a clear need for continued improvements to the home buying and selling process.”
He adds that within the rental market, demand continues to significantly outstrip available supply.
“Although stock levels improved slightly during April, there are still around seven applicants competing for every available property.
“Policymakers must remain focused on measures that encourage investment and support the supply of homes across all tenures if long-term affordability and accessibility are to improve.”
