How long does it take to sell a property?
Do you have a property to sell? Are you wondering how long the process will take?
Rightmove has found that the average time a property takes to sell, from listing to being ‘sold subject to contract’ is eight weeks, but this average hides telling regional variations. Houses in London and the South East tend to sell quicker, in around the four-week mark, while those in the North East take around ten weeks.
Statistics released in January of this year by Hometrack noted that there are some regional city hotspots when it comes to property sales, which step outside of the broader regional trends. Growth in property values in Manchester, Liverpool and Birmingham currently outstrip that of London, albeit that they are growing from a much lower base. So market ‘temperature’ in a particular area could affect the speed of a sale too.
But location isn’t the whole story, in addition to location, there are other factors which affect how fast a house sells, one of which is condition:
Shipshape and looking good
A property that is shipshape, sparkling and needs no repairs, will sell faster than those that are cluttered, need repairs or are a bit of a ‘project’. Remember, first impressions count, so spruce up the outside of the property, ensure your hallway is inviting, then declutter, clean and refresh the rest of the house. As a rule of thumb, the more that needs doing, the less people can image themselves living there. A house in good condition will sell faster.
An accurate price
Marketing your property with the right price tag is also essential if you want a fast sale. Overpriced houses will take longer to sell. Advertise your house a little below the market value, and you’re likely to attract more interest.
What happens next?
Getting a property sale through to the point of ‘sold subject contract’ is only part of the story. Once you’ve instructed your solicitor that you’ve had an offer, the conveyancing process takes on average six to eight weeks. However, this process is a movable feast and can take longer in some circumstances. It is a matter of having all the right pieces of the jigsaw to fit together.
There are things you can do to speed up the process. Firstly, when choosing a conveyancer, check they are accredited to The Law Society's Conveyancing Quality Scheme (CQS) which provides a recognised quality standard for residential conveyance practices – you’ll know you’re in safe and efficient hands. Be organised too and ensure you have all of the necessary paperwork ready. Then keep in touch with your agent regularly, so you’re kept informed of progress and can smooth out any minor hiccups quickly. All of these things will help the process go smoothly and more quickly.
If you can’t face the rigmorale of a traditional house sale, then consider using a quick house sale firm to expedite the process.
Do you have a probate property to sell?
If you’re going through probate and you want a quick house sale, there is help out there to ease the burden.