"Sales volumes have reduced to such an extent that estate agents are happy to entertain speculative viewings from non-proceedable buyers in a bid to get properties sold"
- Danny Luke - Quick Move Now
The latest figures from Quick Move Now have revealed a 250% increase in the proportion of buyers house-hunting before they can proceed. It is also taking a higher number of viewings to get a property sold, at an average of 17 viewings.
Danny Luke, Quick Move Now's managing director, says: “13% of people viewing properties are currently not proceedable, up from 3.7% last year. This increase in buyers looking for their next home before selling their current property is a marked difference from 2021/2022.
"At the height of the market, it was impossible to get a property viewing unless you were chain-free or already sold subject to contract. Now, sales volumes have reduced to such an extent that estate agents are happy to entertain speculative viewings from non-proceedable buyers in a bid to get properties sold.
"They know that, in the current climate, few are wanting to put their property on the market unless they're sure there is something on the market they want to move to.”
The data from Quick Move Now looks at the circumstances of people who book viewings of the properties they have for sale on the open market. The properties are spread throughout England and Wales and vary in size and asking price, offering a good snapshot of the market nationally.
The figures show a number of different trends; notably a sharp drop in interest from buy-to-let investors and a rise in viewings from cash buyers and chain-free buyers.
Danny concludes: “It's been well-documented that current market conditions mean an increasing number of landlords are considering selling up. It will therefore come as little surprise that a smaller percentage of property viewings are with buy-to-let investors. However, some may be surprised that the drop is as much as 56%.
“A 22% drop in the percentage of viewings with first-time buyers is also interesting. Falling property prices would, ordinarily, entice more first-time buyers onto the property ladder. Unfortunately, high-interest rates and inflation are currently cancelling out any financial benefit of lower prices for most first-time buyers.
"This means many of them are taking a 'wait and see' approach, in the hope that both prices and interest rates will continue to fall.”
