From offer to completion
Despite some concerns about marketing or finding a property, the conveyancing
period from offer acceptance to completion carried most of the stress, frustration and
uncertainty for both buyers and sellers, with low levels of trust between all parties.
Many experienced delays to the process and some incurred costs as a result.
• The vast majority of offers were made in the conventional way via the estate
agent. Only a small minority (2% of buyers and 3% of sellers) reported using
the sealed bid process.
• Whilst over half of agents (56%) did not offer the seller any particular advice
about whether to accept the offer, just over four in ten (42%) told the seller
either that it was likely to be the best price they would get or that no other
offers were likely.
• Experienced sellers were better at establishing information about the
prospective buyer from the agent at the time of offer, such as their financial
circumstances or whether the buyer was in a position to move.
• There were discrepancies in reports of whether the home was taken off the
market after the offer was accepted. Nearly nine in ten buyers (88%) believed
this had occurred with their property, often making it a condition of their offer,
but only just over three quarters of sellers (77%) reported doing so.
• Buyers continued to be concerned that a survey would reveal something
unexpected about the property (35%) while sellers worried that the buyer
would change their mind and withdraw their offer (46%).
• Nearly four in ten (39%) of buyers reported paying for a full structural survey
on the home as well as a further 41% saying they commissioned a
homebuyer’s report. Those who didn’t tended to be more experienced buyers
who considered they could rely on their own knowledge and experienced to
evaluate the property.
• Mistrust between the buyer and the seller was a characteristic of the process
after offer. Thirty three per cent of buyers were concerned that their seller
would change their mind and would not sell 46% of sellers said that they had
concerns that buyers would change their mind and would not buy. A quarter
(26%) were concerned that buyer would lower their price in the mid-process
• Despite concerns from buyers, only 2% reported the seller demanding a
higher price after they had accepted the offer whilst nearly one in five (18%) of
buyers reduced their offer, usually because of something identified in the
survey or a lower than expected mortgage lender’s valuation.
• For many (38% of buyers and 41% of sellers) the time taken from offer to
exchange of contracts took longer than they expected. First time buyers, who
might have had unrealistic expectations, were only slightly more likely to
report delays (40%) than experienced buyers (37%).
• Over those who experienced delays, around four in ten incurred additional
costs as a result, such as paying for rented accommodation or putting their
possessions into storage. This amounts to about one in seven of all buyers
and sellers incurring additional costs because of delays in the process.
Average cost for delays might be in the region of £500-£750.
• Buyers were more frustrated with the impact on their intended completion
date with over half of those affected (57%) saying their completion date had to
be put back compared to nearly four in ten (39%) of sellers. But this still