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Is the house buying process outdated?

The latest data released by NAEA has revealed that during September, supply and demand for housing was up, but sales agreed remained flat, as eight in 10 estate agents argued that the home-buying process is outdated.

In September, the number of house hunters registered at estate agents rose to the highest level seen since March this year, with 394 on average per branch. This number was up from 343 in August and 347 in July.

The proportion of sales made to FTBs was 23 per cent in September, which is also the same as the previous two months.

Mark Hayward, Chief Executive, NAEA Propertymark said: “The Government’s announcement last weekend that it will consult to reform the home-buying process couldn’t come soon enough, and we welcome it. Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the twenty first century. The current prolonged process means sales are stagnating despite the fact that the supply of housing is up, and there is growing demand. Hopefully we will see activity pick up marginally in the short term, when properties which are being marketed now are taken off the market and pushed through, so buyers can be in before Christmas.”

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