Understanding the Timeline: How Long Does It Take to Sell Your House in the UK?

When embarking on the journey of selling a house in the UK, one of the most pressing questions homeowners have is, "How long will it take to sell my property?" This post aims to shed light on the average time it takes to sell a house in the UK, diving into various factors that can influence this timeframe and then offering some practical advice to expedite the process.

Understanding the Average Selling Time

The average time to sell a house in the UK can vary significantly based on factors like location, property type, market conditions, if the transaction is part of a chain or simply the willingness of both the seller and the buyer to get the deal done. As of 2024, the average time from listing a property to accepting an offer is approximately 8 weeks and then a further 8 weeks to sort the legal side out. This puts the total time on average at 16 weeks from listing to completion.

Regional Variations

The time it takes to sell a house can vary greatly from one region to another. For instance, properties in a highly sort out location tend to sell faster than in an area deemed less fashionable to live in. This variation is often due to external factors like economic conditions, local amenities and property availability. Also if an area is under going positive transformation or benefiting from new infrastructure it can make the area more desirable to live in.

Market Conditions

The state of the UK property market plays a crucial role. In a seller's market, where demand outstrips supply, houses tend to sell faster. Conversely, in a buyer's market, where there is more supply than demand, sales can take longer. These swings are often influenced by the overall mortgage market which provides buyers with access to better deals on mortgages or government schemes designed to help the property market. These include help to buy schemes or stamp duty reductions.

Property Type and Condition

The type of property you're selling (e.g., detached, semi-detached, flat) and its condition will also influence selling times. Well-maintained, attractively presented homes typically sell quicker than those needing significant repairs or updates. However a builder or property renovator may over look these things as they can make their own repairs and renovations. The most important thing is if you are selling the property as liveable then it is whilst being clean and presentable.

Price

The initial asking price of a property will determine if the process will get off to a fast or a slow start. The asking price must reflect the above factors or else this can turn off potential buyers before they even ask for a viewing. If there is a lot of work required on the property to make it liveable or to bring the internal fixtures and fittings in the to the 21st century then the asking price needs to reflect that or else buyer demand will not be there.

Tips to Speed Up the Selling Process

While some factors are beyond your control, there are steps you can take to potentially reduce the time your house spends on the market:

1. Effective Pricing: Setting the right price is crucial. Overpricing can lead to longer selling times, while under-pricing may result in a quicker sale but at a financial loss to the seller. Have a look what other properties in your area are selling for and compare your house, its level of repair and its potential against these. Its important that your consider this from a buyers point of view so that you price to increase demand.

2. Home Presentation: First impressions matter so make sure the property gives potential buyers the right signals when they first see the property online and especially when they make that first viewing. Imagine you are going to see the house for the first time, what would you want to be greeted with on your first visit.

3. Get The Right Team: Utilise platforms like Moove to list and market your property faster reducing the time needed verses more traditional methods. Also using the platform's communication tools can connect the buyer and seller faster removing the middle man. Alongside this you will need to find a conveyancing solicitor who is responsive, knowledgeable and can progress the legal side in good time. Consider reviewing local solicitors online to see reviews and make note on comments about their overall speed.

4. Plan Ahead : If you are going to be looking to purchase another property with the proceeds from the sale of this one, have you even started looking for your next house. Quite often a large delay can be caused in the process by the introduction of a chain. This is also the same on the buyer side. Quite often a buyer will make an offer without having sold their own property. If they have not even started to list their property yet this can cause considerable delays further on in the process. Consider more than the financials when accepting an offer from a buyer. For instance, are they ready to buy? Do they have a mortgage approval or have they sold their current property?

Conclusion

Selling a house in the UK can take time, but understanding the factors that influence this duration can help you set realistic expectations and take proactive steps to expedite the sale. Remember, each property is unique, and what works for one may not work for another. Clear communication and planning head can mitigate delays further down the line.