Properties are currently taking 29% longer to sell once under offer because of conveyancing delays, according to analysis. Data shows that hold-ups with property searches and conveyancers dealing with a backlog of cases has seen the average time to exchange contracts increase from 96 to 124 days. Across the regions, average time to exchange contracts, once an offer has been made, has increased by 37% in Scotland (from 70 to 96 days) and 32% in the North East (from 87 to 115 days). In London, average time to exchange has increased by 29%, from 97 to 125 days. Analysed estate agency data on almost 500,000 property sales across the UK where contracts were exchanged over the past 30 days and six months. Over the past month, the average time from offer to exchange was 28 days longer - or 29% - when compared to the average time over the past six months.
CPI inflation rose to 0.6% in December, up from 0.3% in November, according to the latest statistics from the ONS. On a monthly basis, CPI grew by 0.3% in December, following a 0.1% fall in November. CPIH inflation, which includes owner occupiers’ housing costs, rose to 0.8% in December, up from 0.6% in November. The largest contribution to the CPIH 12-month inflation rate came from recreation and culture, partially offset by a downward contribution from falling food and non-alcoholic beverage prices. On a monthly basis, the CPIH grew by 0.2% in December, following a 0.1% fall in November.
Research shows that during 2020 there were a record number of new limited companies set up to hold buy-to-let properties. Last year there were a total of 41,700 buy-to-let incorporations, an increase of 23% on 2019. The numbers have more than doubled since 2016, rising 128%, when tax changes for landlords were introduced.