Research by myhomemove, the UK’s leading provider of mover conveyancing services, has revealed that the length of time between ‘exchange and completion’ when buying or selling a property, has dramatically decreased in recent years.
The traditional industry standard of 28 days has been shortened in 85% of cases to within 14 days, and in nearly a fifth of cases reduced to simultaneous exchange and completion, as people expect ‘instant results’ when buying or selling their home.
myhomemove research* has revealed that:
– 16% of home movers exchange and complete on the same day
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.