Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
Rightmove: Estate Agents Not Main Cause of Property Sale Delays
New research from Rightmove has found that estate agents have limited control over the biggest causes of delays in UK property transactions. The findings highlight that conveyancing is the most commonly cited reason for hold-ups, rather than the actions of estate agents themselves.
According to Rightmove, 37% of home movers identified conveyancing as the main source of delays in their property sale or purchase. Survey or valuation issues were mentioned by 15% of respondents, while 11% pointed to delays with searches. Another 11% experienced delays after another party pulled out and had to be replaced, and 9% cited chain-related problems. In contrast, only 5% of respondents blamed poor buyer qualification for delays.
Rightmove has published these findings as part of its call for more estate and letting agents to contribute to its home mover education programme. This initiative uses input from independent agents to provide guidance to prospective buyers and sellers, aiming to improve consumer understanding of the role agents play during transactions.
The research comes at a time when the property industry is considering ways to speed up transactions and reduce fall-throughs. The government’s Home Buying and Selling Reform Roadmap has increased focus on improving the process. Rightmove has also been holding webinars and events with agents and other industry figures as part of the ongoing debate.
For letting agents and inventory clerks, the findings reinforce the importance of clear communication with clients about the factors that can impact transaction timelines, many of which are outside agents’ direct control.
Source: Property Industry Eye