When advertising a property for sale, many homeowners are keen to know the average time it might take to sell a house.
It depends on many factors including effectiveness of the marketing, the condition of the property, whether it is fairly priced, freehold or leasehold, the state of the local economy, the desirability of the property, the time of year and many others influences.
According to a new survey by Post Office Money and the Centre for Economics and Business Research, which examined the average time a property takes to sell in more than 20 major cities across the UK, the average time is 96 days.
Edinburgh and Glasgow sellers had the least amount of time to wait, with homes spending 41 and 50 days on the market, respectively.
Cities to the west of the UK were more likely to see a longer wait, with properties in Liverpool and Belfast typically taking 112 and 119 days respectively to sell.
The sale time will be dependent on and a range of numerous and often random factors. Some of the key factors that can affect the selling time of a house are:
- How proactive the solicitors involved are
- Whether buyers and sellers are in a chain
- Whether bank finance is involved
The fastest way to sell a property is to sell to a cash buyer who is not in any form of chain.For sales of this type, completion can happen in as little as 24 hours.
Clearly, the price that you are willing to sell your property at will be influenced by how motivated you are to sell.
If you have seen your dream home and want to move to that, and you sell your property via a local estate agent and get an offer on yours quickly, then you may be happy to wait a few months for the process to take its course. However, if your buyer drops out and you don’t want to lose your dream home, then you may suddenly become motivated to take a lower offer on your property to speed up the sale and complete a chain breaking service. For more information on property chains read our guide on what to do if a property chain collapses.
If you are selling a probate property you may just want to get the sale done as quickly as possible to release the equity and settle the estate. Furthermore, an empty property is a higher risk due to asset theft, criminal damage, insurance issues, bills etc. You may be required to pay a higher insurance premium due to it being vacant, along with council tax and standing charges for utilities.
Another scenario is a rented property. Do you sell it with vacant possession, risking paying for a mortgage with no rent coming in, or do you sell it tenanted and likely achieve a lower sale price?
In our experience, the main issues around people wanting to sell properties quickly are:
- Change of circumstances, such as redundancy, health issues, crisis etc.
In many of these cases, a sale taking 3 to 4 months could exacerbate problems, not to mention causing undue stress on the seller at what may be a difficult time for them.
It is in scenarios like these, selling to a professional house buyer such as Open Property Group could be the solution.
Sellers have no worries of delays, the sale falling through and constantly chasing solicitors, often over a period of months.
We provide a quick, simple, guaranteed and hassle-free sale which allows the seller to move on with their life.
Contact us for a no-obligation offer, which we will send you within 48 hours. We may not even have to visit the property, as we undertake a “drive by” valuation, using our network of contacts around the country.
We will buy any type of property in any condition and whatever shape or size throughout England and Wales. We could be just the answer for giving you a guaranteed sale and money in the bank on the date of your choosing.
We typically offer around 85% of the market value, and being a family owned and run business with over 30 years of experience, we pride ourselves on our ethical, transparent, fair, and empathetic service where we endeavor to create a win/win situation for you, the seller.
Please contact us today for your no-obligation offer.
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