The average time from offer accepted to exchanging contracts hit a new record in July with 41% of agents reporting average times stretching over four months, according to the latest data from Propertymark.

This is a new record and stands well above the pre-pandemic average for July of only 6%, based on figures between 2015 and 2019.

Meanwhile, the number of new buyers registering per member branch in July was 62, which is lower than in the spring months as summer market conditions continue.

Propertymark says it is “continuing to see see the evidence of a summer dip as buyers and sellers turn their attention to holidaying”.

There were nine sales agreed on average per member branch in July, which represents the same number as the previous three months. 

This figure is close to the pre-pandemic average of eight for July, based on data from 2010 to 2019.

Sales agreed as a percentage of stock remains high at 39% in July, compared to the pre-pandemic average of 16% of stock sold in the month of July between 2010 to 2019.

The average number of properties available to buy per member branch was 24 in July, which Propertymark says is still well below the pre-pandemic average of 51 properties available in July.

There was little change month-to-month on the number of new instructions per member branch, which sat at nine in July.

Propertymark chief executive Nathan Emerson says: “Our latest data shows a sharp spike in the number of agents reporting the average time taken for sales to complete being 17 weeks or longer.”

“This, coupled with lack of stock and high demand in the market, is proving difficult for some first time buyers or current homeowners as an existing mortgage in principle obtained before setting out to view a property will likely expire before completing on the purchase.”