Agents’ Red Flag Issues For Homebuyers

Estate agents are particularly vexed by the likelihood of property vendors holding “unrealistic expectations” of what price can be achieved for their homes, reports Abode2 luxury property magazine.

According to a survey by industry trade body Propertymark, this emerged as the greatest concern amongst sales agents for property vendors in 2023, with 71% of surveyed agents flagging the issue.

Other concerns include conveyancing times (48%) and the impact of sales falling through on their vendors (43%). Propertymark has recorded a small drop in the average time taken from sale agreed to completion reported by member agents in recent months.

On the flip side, agents were asked about the greatest opportunities for sellers in the year ahead. The most common response was increased affordability for upsizers (22%). This was closely followed by sellers being more likely to sell if they price their properties realistically (18%) and a lack of stock making sales of available property more likely as they are brought to market (15%).

For buyers, estate agents are most troubled about potential difficulties in obtaining financing and meeting affordability checks (83%). Fewer agents are concerned for buyers regarding a lack of properties available to buy (42%), and conveyancing times causing extended delays in moving, potentially causing mortgage offer to expire and chains to fall through (38%).

Falling house prices and the return of the buyer’s market are flagged as the big opportunities for homebuyers in 2023 (64%). Agents also noted how a less feverish market would allow buyers to take a little more time to make decisions and feel less pressured (20%). They should also benefit from an increased choice of property as supply picks up compared to 2022 (16%).