When homeowners first contemplate putting their property on the market, one of the most common questions they ask are:
The answers to these are among the most demanded by UK property owners, but the fact is, some properties sell in a blink of an eye, while others can take forever.
Generally speaking, selling a home in the United Kingdom takes 2 to 3 months. However, as you may know, this is not always the case. Some properties sell within the first week, while others remain on the market for many years.
According to the latest City Rate of Sale Report released by Post Office Money Mortgages, the average property in the UK takes 91 days to sell. The report examined the average time properties took to sell across 20 of Britain’s largest cities in 2016. The results suggested ‘time on market’ varies considerably between cities.
Properties in Bristol and Edinburgh spend the shortest time on the market, with homes typically selling in 51 and 53 days respectively. Whereas, prospective sellers in Swansea and Liverpool have to wait for the longest, with the average property remaining on the market for 100 and 108 days respectively.
|City||Avg. Time to Sell (90 days to 15/09/16)||Median time on the market, % change YOY (09/16)||Avg. House Price, June 2016|
In this guide, we will cover the factors that can impact the length of time your property is on the market, issues that may delay a sale and how to maximise the chances of selling your home fast.
How long will it take to sell your home depends on a number of variables.
Truth is, “one size does not fit all” and often there is no logical explanation to why a listed property did or did not sell at all. Experienced property sellers and buyers will tell you it’s all about “His majesty, your Luck”.
“Sell or rent, you simply have to be at the right place at the right time.”
– D.Kara, tenancy expert at Fantastic Cleaners (London).
“On average”, to sell a property nationwide, could take you up to 10 weeks. However, depending on your area and location, numbers can vary, of course.
As you might have guessed, the average period of time one should prepare for, depends on what is the volume of demand and supply in your specific region. Obviously, properties within Greater London and the South East will find a new owner way quicker than other less desirable abodes, taking up to 4 weeks to seal a deal. On the other hand, properties in the North West, could take anywhere up to 10 weeks to sell.
Here’s a list of estimates for some of the major areas in UK to help you prepare for selling you property, based on your area throughout the country:
|What is your UK region?||How long it will take to sell a property:|
|East Anglia||Up to 5 weeks|
|East Midlands||Up to 7 weeks|
|Greater London||Up to 4 weeks|
|North East||Up to 10 weeks|
|North West||Up to 8 weeks|
|South East||Up to 4 weeks|
|South West||Up to 6 weeks|
|Wales||Up to 5 weeks|
|West Midlands||Up to 8 weeks|
|Yorks & Humberside||Up to 9 weeks|
|National||Up to 6 weeks|
To sell a property is not exact science the same way as one rule does not fit all. However, the above-mentioned numbers could help you build a theoretical estimate of how much patience and time you could expect to spend to sell a property.
To set the list price of your property at the right value is the first and absolutely mandatory step a homeowner or property seller takes.
Let’s get the obvious out of the way:
When determining the asking price of your home, ensure the final decision accurately depicts the market value of the property. Overpriced houses take a much longer time to sell, purely because fewer people can afford them. Plus everyone loves a bargain, so houses that appear more affordable appeal to a wider market.
An effective strategy to attract more buyers is to price your property slightly under market value, leading to more bids and ultimately a faster sale.
Unfortunately, the location is the one thing you can not alter nor change and yet it is one of the most crucial factors. It comes down to common sense – the better and more desirable your geographical location and/or neighbourhood is, the more and better paid buyers you’ll find and the faster you’ll sell.
As indicated by The City Rate of Sale report, ‘time to sell’ varies significantly between cities. However, the property’s neighbourhood may be more significant.
Unfortunately, location is a factor out of your control. However, the property’s condition is one thing you can control!
As you would expect, well-maintained homes that sparkle and shine sell much faster than homes that ‘need work’. Although it is more than obvious, many seem to neglect the importance of the overall property condition.
To explore how and what properties were sold in your area for is a clever way into figuring out the current market temperature. Experienced estate agents use the MLS (Multiple Listing Service) in order to locate properties similar to what you have – same square footage, number of rooms, decoration and etc.
What to look out for:
Provided all things go smoothly, a typical house should sell within 2 to 3 months. However, we recommend preparing yourself by understanding what factors can slow down the process.
If you’re looking to sell your property quickly, you should consider all of the above factors.
If you don’t have the time, money or patience for all of this, you may wish to consider contacting our friendly consultants. Accelerate Homes partner with a select group of companies that specialise in buying houses incredible fast for cash. Our mission is to help those in need, so we purchase any home, in any condition and any location.
Our partners have a streamlined process, allowing them to finish the entire sale, from quote to completion in as little as seven days. Unlike other fast home buyer companies, our partners have significant cash funds and don’t rely on investors or loans. This equals a worry-free and risk-free sale.
If your property has been on the market far too long with little interest, or you simply need an incredibly quick sale, request a free quote today by filling out this form.
Here are the 10 mandatory steps for you to sell:
For those who are inexperienced, guidance and know-how are mandatory to obtain.
When prior to selling a property, you should have figured out what and where you want your next home to be.
It’s surprising how people often seem to neglect these rather simple steps. According to statistics, more than a third of UK deals for property sales seem to fail.
Clear and precise answers will not only save you time but both hassle and nerves. That’s why it’s important for you to consult with experienced property sellers.
On the bright side, to house hunt is not a matter of life and death, or at least not at this stage. The important part is for you to have a clear concept of both what you want and need. Research the current range of property values within your desired area and contact local agents.
The important point here is to figure out the answers to these three questions:
At Accelerate Homes, we highly advise that you get a good sense of how prices can range prior to contacting any estate agents. Unfortunately, many would mislead a potential client in order to seal a deal. That’s why you can not always trust what an estate agent has to say.
Bare in mind the cost of moving in too! Once you’ve built a decent idea of who, what, where and how much, you will have a genuine sense of what is realistic and what isn’t, what is your buying potential, abilities and what is the reach of your limits.
As you might have guessed, there are hundreds of mortgage companies and lenders for you to pick from and researching is a mandatory step on your way to a successful house sale.
The important questions here are:
Prior to signing for a mortgage, and often right before submitting an offer for a new dwelling, you’ll need a Decision in Principle (DIP), popularly referred to as an Agreement in Principle (AIP) and a Lending Certificate. It’s a written confirmation that your lender is ready to serve your mortgage.
The whole procedure involves a credit check, which if done one too many times could and most likely might affect your credit score.
Once you have that done with, you’ll have a far greater chance of having your offers accepted on your desired property. It means you’re a buyer, who is ready to proceed and at the same time you avoid being gazumped.
Most salesmen would hold on till a serious buyer is present, before reaching out to a conveyancer.
Nowadays, we have “no sale / no fee” conveyancing solicitor services, which means you will pay no fee for letting your lawyer know in advance.
By doing so, you will significantly reduce the technical time required for your transaction to complete.
We highly recommend that you contact a conveyancing solicitor and ask him/her to:
Bare in mind, that the solicitors you choose will be of huge importance throughout your sale, so choose wisely.
Step #6 – List your property on the market
Use an estate agent, sell it privately, sell to a cash buyer, run an auction, or “sell and rent back”. Each option has its pros and cons. Being prepared is what makes the difference.
To sell a property is a hefty task and you should be fully aware of the burden, nerves, effort and tremendous know-how, required for a successful sale.
PS: An experienced conveyancing solicitor could seriously reduce the technical time required for #3 & #4
Conclusion and final remarks:
Patience is a virtue, but when it comes down to selling a property, patience is simply mandatory. It could take you up to 8 months to successfully sell your property and buy a new home.
It’s longer than most people would have assumed in the first place, but do not fear. Most sellers are not as knowledge-thirsty as you and barely research the topic as you have. In case you have any questions or are in need of further clarification, do not hesitate to contact Accelerate Homes.
Accelerate Homes connects UK homeowners with qualified Cash Property Buyers. Working in partnership with a small selection of the most reliable cash buyers, we have helped 1000s of homeowners sell their house fast! Our network will buy any house in any condition, nationwide. Contact us today to get a quote!