The question “How long does it take to sell a house?” is one you can get the answer to in this guide. Though there are factors that can cause the selling of your house to linger. Anyway, we’ll be discussing “How long does it take to sell a house in the UK?” and other important factors.Â
How Long Does It Take To Sell A House UK
The average time it takes to locate a buyer ranges between five and fourteen weeks, depending on how hot or cold the market is. As demand rose over the last year, this average decreased, with many stories of properties selling in days.
How Long Will It Take To Sell My House After Accepting Offer?
In normal conditions, the average time to sell a house is 65 days. Or a little more than two months—from receiving an offer to exchanging contracts. Nevertheless, the stamp duty holiday, combined with coronavirus limitations on banks and conveyancers, extended this to up to five months during 2020/21.
How Long Does It Take From Exchange To Completion?
Most buyers specify a two-week gap between exchange and completion. This period can be lowered if you truly need a rapid sale – or it can be increased. As is commonly done in extensive property chains to allow for extra time in case problems arise.
How Long Will It Take To Sell My House If I Don’t Have A Chain?
If you’re in the fortunate position of having a buyer who doesn’t have a property to sell and you’re not purchasing right now, things will go much faster. If you have a cash buyer who does not need to secure a mortgage, the sale will go much faster.
A transaction for a first-time buyer with a mortgage should take no more than 10 weeks to complete. Moreover, If there is no chain and you have a cash buyer, you should be looking at no more than eight weeks. If you have an expert buyer and a skilled, proactive conveyancer. In some cases, it can all be completed in two weeks or less. But this is frequently the case when professional property-buying services are engaged.
What else can I do to hasten a sale?
You may expedite the sale by selecting your estate agent wisely; don’t always go for the lowest or the one who values your home the most. Ensure your home is competitively priced and ready to sell. Select the right conveyancer as well; do your research and read reviews. You’ll need someone who is really proactive.
You will also need to be picky about the offers you accept. If time is of the essence, go for chain-free or, better yet, cash purchasers. You should also be highly organized; keep in touch with your conveyancer, and be present; don’t take a vacation during the sale period.
What Could Cause a House Sale to Be Delayed?
Many variables, ranging from a delayed or overworked solicitor to overpricing, can derail and lengthen the sale process. Some of these are beyond your control, such as a buyer pulling out somewhere in your supply chain. However, there are steps you can do to avoid them.
Choosing the correct solicitor and estate agent is one of them. As is staying in touch with them—calling them once a week. Getting to know your buyer can also be beneficial. Before accepting a deal, make sure you have all of the necessary papers, such as guarantees and certificates, on hand, and sign everything right away. Also, notify your conveyancer as soon as possible. And, if you are both buying and selling a house, do your homework and decide on your financing alternatives as soon as possible.
Will I be able to sell my house faster at certain times of the year?
Spring and early summer are often regarded as the best periods to sell. Because more buyers are looking, you are more likely to generate interest in your property. Early fall is also viewed as a good time, with the summer holiday season (August) and Christmas typically regarded as dead periods in which to make a quick sale.
Much of this conventional understanding has been flipped on its head by the coronavirus pandemic. The inauguration of the stamp duty vacation last summer was quite busy, as did December, as its deadline was approaching. This implies that the optimum month to buy is less obvious than it formerly was; therefore, go to the market when the moment is perfect for you.
How Long Do I Have To Live In A House Before I Can Sell It UK?
There are no legal restrictions on selling your home soon after you purchase it, but there are a few practical issues. You’ll have to pay stamp duty on two house purchases for one—a hefty tax charge. Buyers may be perplexed as to why the home is back on the market and fear the worse. You may also have difficulty obtaining a new mortgage six or even twelve months after your approval last one.
How Soon Can I Sell My Leasehold Property?
Leasehold property transactions can take longer since they are more complex and entail working with management organizations. In order to expedite the process, use a conveyancer who has experience in leasehold sales.
If you’re considering putting your home on the market in east London, now is an excellent time because demand is high. If you need to sell your home quickly, there is a local estate agent that can assist you in developing a marketing strategy to locate the ideal buyer.
The top three factors that influence the time it takes to sell a house in UK
The following are the major factors that influence how long it takes to sell a house in the UK.
#1. Price Request
The price you ask in comparison to comparable properties already on the market has the greatest influence on how long it takes to sell.
Fortunately, this is one issue over which you have complete control.
The plain truth is that you cannot charge more than your competitors and expect to sell.
Overpriced properties frequently receive viewings, but they rarely find a buyer prepared to finalize the deal.
Ask less than the competitors, and you’ll almost certainly get immediate interest (potentially even a bidding war).
#2. Market Temperature
The ‘hotness’ (or lack thereof) of your market has a significant impact on how long it may take you to sell.
You have no influence over this element other than to postpone your sale and hope the market improves (it may not).
Buyers have the upper hand in a cold market (a buyers’ market), and sellers must price their properties extremely competitively to avoid their property remaining on the market eternally.
Sellers have the upper hand in a hot market (a sellers’ market), homes sell rapidly (if priced correctly), and bidding battles are more prevalent.
#3. Solicitors’ Competence
An overburdened solicitor who takes forever to respond to even the most basic inquiry might slow the progress of your transaction to a crawl.
This is another issue over which you have complete control.
Don’t choose your solicitor solely based on pricing Because ultra-cheap professionals overdo their work.
Do not always use the conveyancer recommended by your estate agent. Conveyancing partners for national online and hybrid estate agencies, as well as those owned by corporate estate agency groupings, have particularly dismal reputations.
What Should I Do If I Need to Sell My House Right Away?
This is determined by how rapidly you mean it, the state of the local market in your location, and how desirable a prospect you are. If you need to sell in a few weeks and there isn’t a lot of interest in your sort of home, you could need to look into property-buying agencies or go to an auction.
Four best suggestions to help you sell your house UK faster
You have no control over the market, but you do have control over yourself and the team you choose.
The following suggestions will all considerably shorten the time it takes to sell your home:
#1. Take the initiative
- Don’t take a vacation.
- Complete, sign, and submit all documents as soon as possible.
- Then consult with your lawyer on a weekly basis.
- Check-in with your real estate agent on a weekly basis.
- Adopt a team-oriented mindset.
- Inform your lawyer as soon as possible.
- Consider giving your buyer legal searches as a gift.
#2. Hire a reputable lawyer.
As a result, low-cost lawyers are overworked and slow.
- What you’re looking for is one that:
- Firstly, It works quickly.
- Secondly, It operates on a no-move, no-fee premise.
- Thirdly, Instead of simply identifying problems, try to solve them.
- Finally, Cooperates happily with real estate agents
#3. Hire a reputable real estate agent.
The majority of distressed home sellers are unable to sell because they made a basic error.
They went with the agent who gave them the greatest valuation (or quoted the cheapest fee).
Estate agents who can only win business by charging cheap fees (or overpromising on the achievable sale price) are virtually always poor performers.
You’ll receive a far better outcome if you discover one that:
- Helps you price your home to elicit quick attention
- Qualifies buyers examines the complete supply chain (if appropriate), evaluates offers, and provides expert advice/assistance on which buyer to pursue.
- When problems develop, the group works together to solve them.
- Chases down chains, maintains light pressure on solicitors, and keeps the process flowing
#4. Think about a multi-agency approach.
Professional home sellers (like us) always use two (well-selected) estate agents who compete with one another on a winner-take-all basis.
This type of competition pushes estate agents to prioritize your transaction and, as a result, provide you with a better outcome faster.
Using two estate agents in this manner boosts your chances of eliciting competitive bidding from a large number of interested purchasers.
This gives you the best opportunity to obtain a high price for your house (in the shortest possible time).
The disadvantage is that managing two estate agencies is difficult unless you have a lot of experience.
Both agents will be promoting their own services, making it difficult to decide who to believe (unless very experienced).
Conclusion
how long does it take to sell a house? This question depends on so many factors like the real estate agent, the weather, price, and other things.
How Long Does It Take To Sell A House FAQ’s
How long do most houses take to sell?
After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold. Therefore, the average time it takes to sell a house is 55-70 days in the U.S.
What months do houses sell best?
The spring months are often the best month to sell a house. In fact, across the country, the first two weeks of May are often the busiest and most lucrative time for sellers. The spring has warmer weather, longer days, and lush landscaping opportunities that boost curb appeal.
What is the most common reason a property fails to sell?
The most common reason a property fails to sell is an unreasonable asking price by the seller. An asking price that’s too high is the surest way to increase your days on market and have a “non-starter” listing that buyers simply ignore.
