How long does a house sale take?
While you would think home selling would be our specialty, there’s a world of difference between selling new builds with no chain, and what you’ll experience when you sell your property. So we’ve put together a little handy guide to give you an idea of how quickly a house sale can go through, and a few pointers to sell your home fast.
But if you’ve just come to get an answer to the page title, and we wouldn’t want to be one of those blogs that doesn’t deliver: in the UK, the average time from first day on sale to completion is 18 weeks.
However, an awful lot of pieces have to fall into place to make that happen, so we’ve collected some more useful information for you.
One step at a time
A lot of statistics about the house selling process can be a little misleading. Do they talk about the time taken to get an offer? The time from the offer to completion? Perhaps it’s the whole thing. The important thing for you to remember is that each of the phases you’ll encounter comes with its own timeline and potential delays.
From Day One on the market to an offer
This stage is one of the hardest to pin down. It’s affected by so many factors: interest rates, the local property market, contemporary trends, and so much more. According to The Advisory’s 2019 ‘Time to Sell’ report, you can expect your first offer in as little as four weeks in a hot property market, to 14 in a cooler one.
With an average of 10 viewings before an offer is made, what can you do to speed the process along and get closer to four weeks than 14?
Ensuring that your property is well-presented is an obvious one. If the current styling doesn’t seem to be attracting the attention you need, ask your estate agent for their recommendations. And don’t forget, if you’ve got space for an outdoor sale sign, it’s some of the most effective advertising you’ll find.
Make sure you’ve chosen your estate agent well, too. Do they actively list on all the online property sites? Do they have exceptional photography or virtual tours? In many cases, a home can sell itself, but if your estate agents aren’t helping, you’re not getting your money’s worth. Checking Trustpilot for local ratings and reviews will make your choice much easier.
From offer to completion
Ok, so someone’s fallen in love with your old place. Fantastic, now the real fun can start.
In 2020, over 300,000 home purchases fell through, and 44% of those happen in the first four weeks, while searches are being done. Obviously unforeseen issues can arise during this period, and it’s important to be prepared for that eventuality. Especially when prospective buyers are encouraged to make offers immediately so you get a fast sale.
If a previous buyer has completed searches on your property, but the deal has fallen through, it’s worth any new buyer contacting them to try and buy their search information. It can save money, and is likely to save several weeks.
Around 6 weeks after the offer, it’s not unusual to expect some negotiation based on the results of surveys, searches, and the current state of the property market.
But, if everything goes to plan, your time from accepting the offer to exchanging contracts and transfer of the deposit should be around 9 weeks, with a further couple for completion.
In a typical UK market, you’re looking at an average of 18 weeks from the first day of advertising to completion. Though being held up in a chain isn’t uncommon, it’s a very difficult thing to prepare for, and will often be out of your control unless you choose cash or first-time buyers.
We’ve all been through this journey, as beautiful, occasionally frustrating, and life-changing as it can be. And we’ve been fortunate enough to see it through the eyes of countless new homeowners in our developments across East Anglia.
If you’re looking for a beautiful new home, take a look at our new and upcoming developments here. We’d love to show you around.