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It has been an uncertain time for the property market in the wake of the government’s controversial mini budget in September. Higher mortgage rates, coupled with a cost of living crisis signal turbulent times ahead…

A new report has found that a third of property transactions fall through, with the average length of time it takes to buy a home also creeping up. The findings, part of home moving platform Smoove’s inaugural Home Movers Report, show that within the last six months, the average time taken to complete a purchase was 153 days – the equivalent of more than five months.

Rishi Sunak, Chancellor of the Exchequer, delivered his Spring Statement to Parliament last month (March) in what has been described as a ‘mini-budget’. While there were few measures directly related to the property market, he did offer some concessions that should benefit many homeowners and renters. These included:

As an unprecedented year draws to a close, with the highest annual volume of sales and purchases since 2007, conveyancers and other property professionals may be breathing a sigh of relief and looking forward to a well-earned rest.

As we head into the last quarter of the year – traditionally a busy period for conveyancing with buyers and sellers keen to move before Christmas – it’s important to prioritise research into any potential issues affecting a property’s true market value.