Time between offer and exchange reaches 16 weeks | Mortgage Introducer

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Due to high levels of demand within the property market, conveyancers as well as mortgage brokers and moving companies have all been overwhelmed, adding to the backlog.

As a result, property professionals have warned that Christmas is only one move away now.

Nathan Emerson, chief executive of NAEA Propertymark, said: “A lot of people who are new to the market may not realise how different things are right now.

“Historically we have all been very used to sales taking six-eight weeks to go through, sometimes maybe even four.

“The current market is a very different beast though and people really do need to be aware that they must plan ahead.”