In a far cry from the traditional industry standard of 28 days, 32% of homemover transactions are completed within two days of exchange, while 62% are finalised within seven days.
On completion day the seller must vacate the property and the buyer must send the full purchase price.
Doug Crawford, chief executive officer of myhomemove, said: “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.
“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.”
Some 40% of estate agents contacted felt this is part of a shift where clients expect “things to happen instantly.”
