Estate agents hoping to get homes sold before Christmas are being advised to encourage sellers and their legal representative to act quick and exchange contracts by the end of next week.
With the market typically grinding to a halt in December, Holly Andrews, loans manager and director at KIS Finance, is warning agents and vendors that exchange needs to be completed by 21 November to ensure the deal is completed for Christmas.
Andrews commented: “The property market changes dramatically in December, with completion timeframes extending from weeks to months. Late November represents the final cut-off point for any reasonable expectation of moving before Christmas.
“This is because legal firms often operate with reduced staff during the festive period, with many closing completely between Christmas and New Year. This staffing situation creates a backlog of work that pushes completions into January.
“Securing financing takes longer in December as lenders operate with reduced capacity. Applications submitted now might face processing delays due to the looming holiday period.”
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