Let's discuss average timeframes when it comes to selling...
The average time to sell a house in the UK from start to finish is 170 days, equivalent to 24.3 weeks or 5.6 months from the first day of marketing to legal completion, whilst in Lincoln it’s 185 days.
Are you thinking about potentially selling, but have no idea what to expect when it comes to timeframes of selling? At Walters we know this can be a huge burden on you when it comes to planning your life, so continue reading for a better understanding of what to expect.
The actual time can vary depending on market conditions, location, property type, and pricing strategy, so in this article I delve deeper. Here is a breakdown of that 185 days.
Step 1 - Time to Accept an Offer:
On average, nationally, it takes 50 days (up from 43 days in 2022) to accept an offer on a property. This time starts with placing the property on the market, viewings, negotiating an offer and reaching an agreement with a potential buyer.
In Lincoln, it is taking 63 days on average to agree a sale on a property.
Again, the type of property makes an enormous difference as well.
The best-performing type of property is a flat, which takes an average of 37 days to agree a sale, to the poorest-performing type of property, which are detached houses, which take an average of 74 days.
Step 2 - Time from Offer Acceptance to Completion:
Once an offer is accepted, over the last 12 months, it has taken an average of 120 days nationally for the sale to be completed. This period involves finalising the legal and financial aspects of the sale to the legal exchange of contracts, with legal completion a week or a fortnight later.
In Lincoln, it is currently taking on average 122 days from the sale agreed to the sale being completed.
It's important to note that these figures are based on averages and can vary depending on individual circumstances.
If you need to sell your house quickly, there are a few steps you can take to expedite the process.
There are many factors that can affect how long it takes to sell a house. The three major factors are:
a. Your Asking Price: The price you ask in relation to similar local properties on the market has the most significant impact. Overpricing can result in fewer viewers, meaning fewer buyers, while competitive pricing generates immediate interest. Look at properties that are like yours on the market now. When searching the property portals, not only search for them in price order, search for them in how long they have been on the market. That will give you a fascinating insight into the current state of the property market for homes like yours.
b. Buyers' Market, Balanced Market or Sellers' Market: The market condition, whether hot or cold, plays a significant role. In a hot market (sellers’ market), homes sell fast, and pricing is not as sensitive, while in a cold market (buyers’ market), competitive pricing is crucial to avoid a prolonged time on the market with no chance of a sale.
c. Quality of Solicitors: Agreeing a price/sale is only half the battle to getting you moved. Your solicitor's efficiency can impact your sale's progress. Choosing a responsive solicitor who cooperates with estate agents can help prevent delays. Again, we can suggest some excellent local and regional solicitors that are experts in their field.
As we all know, the property marker is ever-changing, so for any further questions or queries, please feel free to contact me at any time by clicking below:
