The exact time of a house sale will depend on multiple factors; for some people and property sellers in a hurry, they can sell a house in 5 days or a week, but this is not the norm. In the UK currently, the average time to buy a house is around 18 weeks when taking into consideration the different stages. That said, it will depend largely on the property type, the condition of the house, where you are selling, when you are selling, and the asking price, as well as many external factors that will be out of your control.
How Long Does It Take to Sell a House?
Generally speaking, it takes an average of six months to sell a house. This includes a two month period for the property search, two to three months from when the first contract is drawn up to when the sale is close, and around a month in order to finalise the move. However, there is a great deal of variation and the exact time it takes to sell a property will depend on many factors.
In 2022, the average time to buy a house is around 18 weeks if everything has gone smoothly with approximately 6-12 weeks for the search, 2-4 weeks to receive a mortgage offer, roughly 16 weeks for conveyancing (the process of signing and exchanging contracts) and then 2-4 weeks to complete, receive the keys and move.
What Are the Steps of Selling a House?
The exact process of selling a home will depend on whether you are selling directly with a buyer, going through an estate agent or another method such as selling your property online. Estate agents can sometimes slow down the process by around 3-6 months due to the different steps involved.
Typically, the steps involved when selling a house or selling any property include initial steps such as property valuation and choosing how you wish to sell. After that you will need to appoint a solicitor and advertise your house listing. You or your estate agent will need to arrange house viewings with potential buyers – the time period of this will vary depending on the level of interest there is for the property. After that, you will need to speak through any offers made on the house and prepare a memorandum of sale working with the agent and the solicitor. Once confirmed, money will be transferred via the solicitors and then you will complete the purchase.
Why Sell a House Quickly?
There are many reasons why an individual may want to sell their home quickly. For instance:
- Problem tenants
- Moving abroad
- Relocation due to employment
- Inheritance purposes
- Sudden job loss
For many people, they are almost inclined to sell their homes quickly due to financial problems. For example, those that can no longer afford mortgages due to sudden job loss, or those that are at risk of repossession. There are many reasons why someone may want to sell a house fast. For others, it might simply be because selling houses in the UK is often too long and they’d rather have the process done quickly. It all comes down to an individual’s personal and financial situation.
What Factors Impact the Speed of a House Sale?
There are many different factors that will impact the exact speed it takes to sell a property including the following:
Property Chain – A property chain refers to when there are multiple house purchases linked together; each part of the chain is reliant on the preceding and succeeding transactions so the more steps in the chain, the more chances there are of the sale falling through which could increase the time taken to sell. If you do not already own a property, you do not need to sell your current home in order to purchase a new one which could be a quicker process – for example, first-time buyers.
Leasehold or Freehold – Freehold properties tend to be sold quicker than leasehold properties as there is slightly less to sort out. Leasehold properties can take around eight to ten weeks to sell whereas freehold properties can be sold in as little as six weeks.
Property Condition – Homes in good condition tend to generate more interest and sell quicker. Generally speaking, buyers will not want to buy properties which require large-scale repairs or maintenance (unless they are looking to do a full renovation or flip a home). If there are any small touches or repairs you can do before putting your house on the market, it can speed up the sale process and potentially increase asking price.
Property Market – The property market at the time of selling will impact how quickly your property sells and can be influenced by many factors that will be out of your control. Frustratingly, the current economic climate will impact the sale of your home and more generally will impact the demand for buying properties. Your local property market will also have an effect – if you are trying to sell your home at a time where many similar properties in your area are trying to sell, you may struggle to stand out from the crowd and it could take longer to find a buyer.