The numbers of potential buyers viewing properties despite not being ‘proceedable’ because they haven’t put their own home on the market has increased nearly four-fold, it has been revealed.
Around 13% of people viewing properties are currently ‘not proceedable’, up from 3.7% last year, says homebuying firm Quick Move Now.
Sharp drop
It is also taking a larger number of viewings to get a property sold at an average of 17 , figures from the firm also reveal.
And the data (for England and Wales) shows a sharp drop in interest from buy-to-let investors.
Danny Luke, MD at Quick Move Now (main picture), says: “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.
“Agents are happy to entertain speculative viewings from non-proceedable buyers”
“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.”
He says it is “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%.
Cancelling out
“A 22% drop in the percentage of viewings with first-time buyers is also interesting.
“Unfortunately, high interest rates and inflation are currently cancelling out any financial benefit of lower prices for most first-time buyers.”
During the height of the post-Covid sales boom TV presenters Kirstie Allsopp slammed agents who were only accepting ‘proceedable’ buyers.
