When selling your property, it can sometimes feel a little overwhelming and slow at times. One of the biggest questions that most sellers are keen to have the answer to is how long does it take to make a sale and complete the process?
In this article, we will be looking at the following:
A major factor in determining how long a sale and completion may take will be the present state of the economy. Fluctuating growth and shrinkage in the economy, or fear of volatility occurring in the market, can create uncertainty. For example, when house prices reach a period of relative stability, such as most of 2019 where average house prices rose by just 1%, the result was a slower housing market as those on the hunt for the perfect property had a reduced sense of urgency and were not rushing to place offers.
In the alternative, here in 2021 the economy is looking to expand following the previous lockdowns. With a reported annual house price growth of 10.9%, properties in some parts of the country are selling as soon as they go on the market. And if buyers start to mess sellers around during the conveyance, vendors know they can get another buyer quickly.
Another key factor in the speed of selling your property can prove to be its location. Figures vary from the comparatively speedy Cardiff and Coventry, both of which clock in at a modest 37 days, to the slow crawl of selling a house in the Blackpool area, which has seen averages of over 70 days to complete.
Once an offer is received, the buyers need to ensure they have a mortgage offer in place. Failure to have a mortgage offer in principle may result in a delay, and it is common for Estate agents to ask buyers whether they have one in place. This can be an important influence on sellers accepting an offer.
On the gov.uk website it suggests that the average home sale can take three months, but this can vary significantly, such as when there is a long series of buyers each waiting for the sale of their home to be sold to purchase their next property.
This chain of buyers needs to have the process synchronised by solicitors all exchanging contracts at the same time. Not only can this be time-consuming, but frequently someone may withdraw from the process, causing a collapse of the chain. This adds further time to the process as a new buyer will need to be found at whatever point the chain failed. If you are part of a chain then it is more than likely that three months is on the short end of the time scale for you to sell your home.
If you find it necessary to have as rapid a sale as possible, here are a few tips.
In addition, there are quick house sale options.
Dedicated quick property buying companies exist that can offer you a quick house purchase in cash. They can complete in as little as 7 days. If this service suits you, look for a company with great customer service reviews and clear and easy to follow processes.
To help you know if this might be the right route for you, here are some comparisons of the associated costs and timescales.
|Ways to Sell||Average Sale Timescales||Average Costs|
|Quick Property Buyer||2-3 Weeks||£0.00|
|Other House Buying Entities||2-11 Weeks||£1000|
|Property Auctions||6-12 Weeks||£2500-£5000|
|Online Estate Agents||8-52 Weeks||£1000 - £5000 (Often Upfront)|
|High Street Estate Agents||8-52 Weeks||£5000|
There are many advantages and disadvantages when it comes down to making use of a quick house sale service like our own, which we are open and honest about. You need to carefully consider your options. We've listed a few to help you make a decision:
Overall, the process for using a house buying company can be quick and painless, and whilst a lower house value may put off some users, this is offset against the significant legal savings. Our service here at Quick Property Buyer, as with any reputable company, offers a free and no-obligation quote. If you need a quick sale and cannot wait for a sale on the open market, why not see what we can offer you?