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According to domestic law firm Dutton Gregory, many real estate brokers are in danger of going out of business because of the length of time it takes to complete real estate transactions.
The highest interest rates in 15 years have taken some of the heat out of the housing market, but the UK is not in recession, high employment levels continue to rise and there is healthy demand from those looking to buy or sell.
Around this time last year, Rightmove reported that it took an average of 150 days to move, and that hasn’t changed much despite the full lifting of COVID-19 restrictions in March 2022. Attorney Dutton Gregory stresses that many of his peers are taking too long to make inquiries. As we work together to move the case forward, it can affect the timescale for completion by weeks.
“I don’t understand why lawyers want to slow down the process or turn it into a martial art,” said Paul Sams, partner and property officer at Dutton Gregory Solicitors. It is not uncommon for our transportation team to receive over 40 new inquiries 48 hours before the entire chain is scheduled to sign a contract. could jeopardize all transactions involved.I’m surprised some people don’t work as a team.”
He added, “Slow transaction times make real estate deals more likely to end in failure. That’s why most home builders, whether it’s an unplanned sale or a completed lot, have 28 days to pay. requesting the exchange of contracts.” This timescale may not be consistent with current standards in the resale market. Buyers and sellers face too much uncertainty regarding the shipping process and timeframes for completion. Unforeseen problems may arise, but should always be inquired upon first receipt of the contract.
“If a local real estate agent were to fold, it would be a blow not just to individual companies, but to the health of the economy as a whole and even the housing market as a whole. Doing so benefits everyone, and we look forward to working with our industry peers to improve service levels and support business continuity across the supply chain.”