A senior executive at a British real estate agency has called for a drastic reduction in transaction times in the property market. He demands that property completions should take place within eight weeks. Currently, the average duration for such transactions is between 16 and 18 weeks, which means significant delays for both buyers and sellers.
Nick Goble of Noble Estates, a prominent player in the British property market, has positioned himself as an advocate for this reform. He emphasised that the current lengthy processes are no longer fit for purpose and bring disadvantages for both clients and the efficiency of the industry. The long waiting times could lead to uncertainties and even the failure of transactions.
Internal Optimisation at Noble Estates
Noble Estates has already taken its own initiatives to optimise the duration of property completions. According to reports, the company has implemented new internal processes aimed at reducing bureaucratic hurdles and accelerating procedures. These measures have already led to noticeable successes.
By introducing these optimised procedures, Noble Estates was able to reduce the average delay time for transactions by two to three weeks. This indicates that targeted process improvements can indeed have a positive impact on the efficiency of the property market. Goble sees this as proof that an industry-wide reduction of completion times to eight weeks is an achievable goal.
Impact on the Property Market
A general reduction of completion periods to eight weeks would have far-reaching positive effects on the entire property market. It would not only increase liquidity and improve predictability for all parties involved, but also reduce volatility. Such reforms could strengthen confidence in the market and make it more attractive for investors. This underscores the necessity of considering and implementing industry-wide standards for accelerating property transactions.
