The time it takes to sell a house will vary on a case-by-case basis and is dependent on multiple factors. Certain things, such as chain-free purchases, cash offers, and selling in a highly desirable area, might lead to a quicker sale.
How long will my house be on the market?
The amount of time your property will stay on the market can be anything from 5 to 14 weeks but even within that figure there is a great deal of variation. It will depend a great deal on the condition of your property, how it is marketed, the property type and its features, the area, and how saturated the local market is.
How long does it take to sell a house after an offer is accepted?
Generally speaking, the average time to sell a home from when an offer is accepted until the exchange of contract is just over two months, or 65 days. However, this can sometimes take far longer if affected by extraneous circumstances and could last up to 5 months.
What is the length of time between exchange and completion?
Most buyers will allow for a period of two weeks between exchange and completion stage; however, this could be modified. For example, if there is a long property chain, this period might be longer to allow for any issues that may occur. Similarly, if a buyer or seller is in a rush, the time period could be reduced.
How long does a property sale take if there is no chain?
If there is no chain (i.e. there is a buyer who does not need to sell a property in order to make the purchase), the process is a lot quicker. Similarly, if there is a cash buyer involved and they do not need to arrange a mortgage or other form of financing, the process will be significantly faster.
For first-time buyers purchasing with a mortgage, it should not usually take longer than 10 weeks in order to complete a sale. In the case that there is no chain and you have a cash buyer, the process could be as quick as four to eight weeks providing the rest of the processes run smoothly. In some professional cases, house sales could happen in the space of two weeks.
How could you speed up a property sale?
There are certain factors that will always impact the speed of the sale including how desirable the property is considered and the state of the local market. If you are looking to sell your property urgently, you may need to consider going to auction or working with a property buying firm. However, there are other best practices that could help you speed up a sale including:
- set a competitive asking price
- offer good availability for house viewings
- stage your house to sell
- market your house well highlighting its best features
- choose who you work with carefully (e.g. estate agents, conveyancers, solicitors)
Is it quicker to sell a property during certain times of the year?
It is generally considered that spring and early summer are the best times of year to sell a property as it seems to be the time of year where there are more prospective buyers. The Christmas period and also summer holidays should be avoided if possible. However, it does not make a huge amount of difference and you should think about when might be the best and most convenient time for you to sell.