Research by property experts Jackson-Stops has revealed that uncertainty over the house-selling process and timeline is putting some sellers off listing their properties.
The Government plans to reform home buying by improving information sharing and reducing delays. This has been welcomed by Jackson-Stops chairman Nick Leeming. However, he warns that improvements must be implemented correctly and clearly understood by lenders, estate agents, conveyancers and other professionals involved in the home-selling process.
The Jackson-Stops Housing Mobility Report states that upfront costs are among the main reasons why house sales fall through, are postponed or are delayed. The report found that 42% of sellers cite financial uncertainty as having the biggest negative impact on selling a home, with 29% saying high mortgage rates and 28% stating that high stamp duty negatively affect the home-buying process.
Jackson-Stops estimates that 300,000 additional houses could be listed for sale within a year of stamp duty being abolished.
Despite uncertainty around the home-selling process, 8% of owner-occupiers say they are currently planning to move or are in the process of moving. The leading reasons for moving are to buy a larger house or make lifestyle changes.
Jackson-Stops says that increasing home mobility is not simply a case of building new homes, but also making it easier and quicker for people to sell their existing properties.
If you are planning a home move and looking for removal companies in Merseyside, talk to us at Merseyside Movers & Storers about how we can help with moving your belongings.
