An Estate Agent has called for changes in the housing market to help both vendors and buyers get through the experience with less stress.
Nathan De Carteret, a Negotiator at Cranford’s, has shared his thoughts online in a heartfelt post criticising the “unnecessary and stressful hoops people have to jump through to buy or sell property on the island”.
Mr De Carteret believes this stress is having a big impact on people’s mental and physical well-being as they negotiate the biggest investment most people will ever make.
The process is currently taking around 10-12 weeks based on Cranford’s recent sales.
Mr De Carteret says it is taking so long because of “a variety of reasons” – including issues around surveys which could be resolved more easily, and quickly.
“Guernsey needs to change this,” he wrote. “Far too many properties make it five, six, or seven weeks down the line before surveyors or banks deny a mortgage, or advocates discover boundary issues, leaving vendors and purchasers back at square one.”
To combat these potential hurdles, Mr De Carteret has suggested that vendors should be required to provide a surveyor’s report when putting their property on the market.
He said this would benefit everyone in the chain.
“Vendors save time long-term, as banks will no longer need to book surveyors on behalf of purchasers, and they’ll have the opportunity to address any issues before marketing their property.
“Purchasers will know exactly what they’re buying. If they have the funds or skills to tackle any work needed, they can plan this before even making an offer. They could still commission their own survey if they wish, but should declare this when making an offer.
“Banks will be under less strain, they can review the existing surveyor’s report early on to determine whether a purchaser can handle any necessary works.
“Advocates can focus on legalities and get the property through to completion more efficiently.
“All of this would mean less stress for vendors, no last-minute removals, no day-of signing panic, and no constant worry that the sale could collapse at any moment.”
Despite the UK and many countries across Europe already having similar measures in place, Mr De Carteret said Guernsey’s property process has remained largely unchanged for too long.
“..and it’s only become more difficult as time has gone on,” he said.
Where the process may have taken six weeks a few years ago, 12 weeks is now becoming the norm.
Sharing his idea on social media, Mr De Carteret encouraged discussion – saying he wanted to “at least encourage those in power within the industry to think about these issues”.
While some people criticised his idea, many appear to agree that something does need to change and that putting the onus on vendors to provide surveys when trying to sell their property is an attractive proposal for some.
You can read Mr De Carteret’s post in full and comment on the Cranford’s Facebook page HERE.