Solicitors, personal circumstances, estate agents, and property chains are just a few external factors that will impact how long it can take to sell a house.While no two property transactions are the same, moving efficiently through the process can help reduce the risk of complications. We take a closer look at timings and share some advice on steps you can take to help speed things along.
Factors affecting the sale time
Many common factors can influence a buyer’s decision like location, price and economic conditions. But there are also regional differences. For example, selling a house in a popular area like London could lead to a faster sale because more people are looking to buy there. In rural areas, it might take longer to sell, as buyers who work in cities might have good transport connections high on their list when they’re looking for a place to buy.
Generally speaking, several factors will determine whether a sale is quick, or drags out:
- How good your solicitor is
- How good your estate agent is
- Property size
- Your home’s condition
- Your area, in high-demand areas, like big cities or well-connected suburbs, homes tend to sell faster because more buyers are actively looking. In less popular or rural areas, it may take longer due to lower demand.
- Property price
- Chain length
- Issues with the survey
- How ‘hot’ or ‘cold’ the market is. In a ’hot’ market, where there are many buyers and fewer homes, properties tend to sell quickly. In a ‘cold’ market, where there are more homes for sale than interested buyers, it can take longer to find a buyer.
- The condition of neighbouring properties. If neighbouring homes are well-maintained, it can boost your property’s appeal, leading to a quicker sale. However, if the surrounding properties are run-down or neglected, it might discourage buyers, extending the transaction time.
- How long local authority searches take. Local authority searches check for any planning issues or rules affecting your property. If these searches take a long time, it can delay the sale of your home.
To get a good idea, ask your estate agent how long it took them to sell similar properties in your area.
The average time to sell a house in the UK
The time it takes to sell a house in the UK can vary significantly depending on various factors, including location, property type, and market conditions.
On average, the process typically spans between 60 to 75 days from listing to completing the sale. However, this timeframe can extend up to 4 to 6 months, especially if there are complications or delays in the process.
In March 2016, 78% of home sales moved from accepting an offer to exchanging contracts within 12 weeks. However, by March 2024, that number dropped to just 29%, according to a Propertymark report based on a survey of member agents.
Looking at the Propertymark report data from across the UK, it’s clear that more home sales are taking 13–16 weeks or more than 17 weeks to complete (4 months or more), while fewer are being done in 5–8 weeks or 9–12 weeks. The number of very fast exchanges (1–4 weeks) has stayed low and pretty much the same over the past decade.
This states that the time it takes to complete a property transaction, from accepting an offer to exchanging contracts, has gotten much longer.
How long does it take to accept an offer?
Even with an interested buyer, the negotiation and acceptance stage can take weeks. It can be difficult securing an offer on a house and know whether to wait for another interested buyer or strike while the iron’s hot. So, the average number of days it takes for an offer to be accepted, according to data collected, is 50, or 7 weeks (1.6 months).
How long between accepting an offer and exchange?
At this stage, you’re looking at an average of 9 weeks. This is often when a transaction can be at the greatest risk of falling through, or where buyers might face issues like gazumping. Since the sale isn’t legally binding yet, it’s important to stay proactive and maintain good communication with all parties involved to reduce the chances of disruption.
What’s the average time taken for exchange and completion?
This can be anywhere from two to four weeks, but the average time is two weeks. Once contracts are exchanged, the sale becomes legally binding.
How can you ensure your property looks its best
The timeline for selling a house can vary widely depending on several factors as mentioned earlier. While a longer process can sometimes introduce complications, staying proactive and organised can help streamline the sale. Here’s a guide to selling a house faster.
Some top tips for selling a house quickly include:
Sell to a cash buyer
Cash offers aren’t as common, but they’re likely from buyers who are ‘ready to go’. Since there’s no need to take out a loan, there’s no chance of having a mortgage application rejected, for example. The absence of a mortgage tends to help avoid certain delays altogether, meaning selling to a cash buyer can be quicker.
Sell to a first-time buyer
Property chains are notorious for delays and (sometimes) causing transactions to fall through. A first-time buyer will be chain-free, which can help keep things moving and potentially give you a greater chance of a successful sale.
Some people temporarily rent after they’ve sold their home, to ensure they’re chain-free later when they come to buy for this very reason.
Ensure the price is right
Overpriced properties will drag things out from the start, as you’ll get significantly fewer viewings. Even if you get viewings, you may struggle to find a buyer willing to complete it.
Knowing how much your home is worth can be tough. However, your estate agent should be able to use their local knowledge to provide you with an accurate valuation. Ensure they haven’t priced your home too high, just to secure your business. While it’s rare for an agent to do this, it does happen and is a listing reality sellers need to be aware of.
Look into how many other properties in the area have been sold as a guide.
Sell to a prepared buyer
Look for buyers who are prepared and able to proceed, e.g. who have:
- A mortgage agreement in principle
- All the necessary documents in place
- Have a solicitor engaged
- Shown plenty of interest in your property
The position of the buyer is extremely important. Finding someone who’s prepared will dramatically speed up the sales process.
Keep communication open
This is one of the most important tips for selling a house: communication is key. You need to ensure you’re communicating with your solicitor, that they’re communicating with the buyer’s solicitor, and that you’re open with the buyer themselves.
Trying to hide any information or being unresponsive could cause delays – or even the whole thing to fall through.
Ensure your property looks its best
It might go without saying, but first impressions when selling count. If the property needs a fresh coat of paint, or a general spruce up, it might be worth spending the time and money doing so.
When it comes to viewings, make sure your home looks its best:
- Thoroughly clean top to bottom
- Get rid of any lingering smells e.g. dogs
- Take the dog for a walk (if you have one)
- Don’t forget the front – curb appeal counts
- Tidy any outside areas
- Ensure your rooms are light and open
- Avoid having overly personal rooms, e.g. too many photos. Let a buyer envisage themselves living there
- Try and make smaller spaces look bigger e.g. remove unnecessary furniture
- Declutter
A good conveyancer is key
Despite the stats, a quick sale is not guaranteed, and there’s no time to lose if you’re planning on selling. It’s important to act fast when you’re ready to sell. High demand, can cause backlogs that cause delays, particularly during the conveyancing process.
Ensure you find a proactive conveyancer who can keep things moving and can take on your case.
A conveyancer can make or break your sale. They handle the legal side of selling your home, making sure all the paperwork and legal steps are correctly and quickly completed.
Having a professional on board is an absolute necessity when selling your home successfully. You’ll need one who is on the ball, responsive, and experienced.
If you need to find a trusted professional, we can connect you with the right people to make the process as easy as possible.
A fast house sale
For some sellers (and buyers), speedier sales aren’t always a good thing. Delaying completion can be helpful, particularly if either party is involved in a difficult property chain.
Selling via an online property auction could help avoid this. While they’re known for speeding things along, online property auctions can also give both sides more time to complete, for example, up to 56 working days. This flexibility can allow you to attract more potential buyers.
Last Updated: September 27th, 2024
