The traditional industry standard of 28 days has been shortened in 85% of cases to within 14 days, according to a survey by myhomemove, a leading provider of mover convenyancing services.
The study also showed that in nearly a fifth of cases it has reduced to simultaneous exchange and completion as people expect instant results when buying or selling their home.
Overall the survey found that some 85% of home movers complete within 14 days of exchange, 62% complete within seven days of exchange, 32% complete within two days of exchange and 16% complete on the same day.
‘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,’ said Doug Crawford, chief executive officer of myhomemove.
‘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,’ he explained.
When asked by myhomemove 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.
‘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,’ added Crawford.
