Why Does it Take 170 Days to Sell a Home?
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.
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 170 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.
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.
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:
- Your Asking Price: The price you ask in relation to comparable 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.
- 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.
- Quality of Solicitors: Agreeing a price/sale is only half the battle to getting you 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 solicitors that are experts in their field.
We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. In addition, I personally keep involved in all our sales progressions, and if required I have contacted other Estate Agents solicitors to push for information, even obtaining details they require, to expedite the whole chain.
Not all Agents will do this, as they work for their client, but at Walters we believe that by adding value across the whole chain, ultimately our clients achieve a faster move and there five-star reviews and recommendations help our family firm expand.
To enable Walters to give this first-class service, getting involved at any stage in a chain, especially if our intervention can and have prevented chains from failing, we only list 20 properties per month. This ensures our clients are names, with personalities, not faceless numbers.
Again, as everyone working on your move is a direct family member, we can support any questions you may have, from early in the morning, till late evening, via phone calls or What’s App messages, which we find an extremely positive way of communicating.
If you are considering a move in the next 6 to 12 months, now is the perfect time to start planning. Selling your home can be a complex process, but with the proper guidance, you can navigate it smoothly and efficiently. As experienced estate agents, we understand the local market dynamics and have a track record of success.
Our team is well-versed in the factors that impact selling time, including the price asked, and market conditions. We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. Their cooperation with us as estate agents helps prevent delays, ensuring a smooth progression from offer acceptance to completion.
By pricing your property competitively, we attract immediate interest from potential buyers. Our knowledge of the local market enables us to navigate buyer and seller markets effectively.
If you want to sell your home, we offer a no-obligation free appraisal to discuss your selling timescales. Our personalised advice and guidance are tailored to your situation, giving you the information, you need to make informed decisions.
Our August marketing slots are now open and available to book, we are incredibly happy to pre book your appointment weeks in advance to ensure you get the right advice, the right agent and the right price for your home.
Together, we can make your move a reality.