How long does it take to sell a property in 2024?

Topping a table is usually a good thing but in the case of the UK, the nation now holds a rather embarrassing number one spot. New research by Home Sale Pack found the UK was the slowest country for selling homes.

The upfront information provider analysed how long it took to move from offer to completion in 10 of the world’s busiest housing markets. Sadly, the UK was the slowest, with an average timeline of 183 days or (6 months). For reference, deals are concluded in an average of 69 days in America, 90 days in Canada and 105 in France.

To give this article balance, quick house buyers Open Property Group analysed a number of different data sets to see if the Home Sale Pack figure was wide of the mark, and to establish why it’s not possible to sell property fast in 2024.

Sadly, there seems to be little speed when selling on the UK’s open market. In March 2024, Rightmove reported that it was taking an average of 71 days just to find a buyer – that’s more than two months between a property appearing online and an offer being accepted.

The portal added that the best window for selling this year has passed. Its analysis of millions of properties listed for sale since 2012 found February was the best month to list a home. Properties made available in this month typically had the best chance of finding a buyer and in the quickest time frame. Obviously sellers who need a quick sale won’t have time to wait until February 2025 rolls around.

My Home Move Conveyancing was a little more positive in its findings. Its study found the current average time it takes to sell a home in Britain is 146 days – just short of five months. Homes are taking the longest to sell in Wales, followed by London, the East Midlands, the East, the South East, the North East and Scotland.

Included in the ‘time it takes to sell’ is the marketing of a new home, viewings, the negotiation and offers stage, mortgage approvals, a survey and the conveyancing process – the latter of which can take months.

Conveyancing continues to be a thorn in the property industry’s side. Speaking to Moneyweek.com, Beth Rudolf from the Conveyancing Association said transactions where there are property title issues take an average of 22 weeks, with 30% eventually falling through. Even the normal, average conveyancing transaction takes time - 11 weeks according to My Home Move Conveyancing.

Returning to the point of fall throughs, a collapsed chain can cause the longest delays. Using data supplied by TwentEA, property commentator Chris Watkin regularly monitors the fall through rates across the country’s sales market. The headline? One in five sales fall through but the more minute detail shows a worrying trend. The number of fall throughs in the week ending 28th June was 6,055. In comparison, the weekly fall through average over the last 2 months was 5,958, so the trend is for increasing numbers of aborted sales.

Another immediate worry for sellers looking to move quickly is the number of potential buyers in the market. The latest data from Propertymark is less than encouraging. The trade body’s member agents found the number of potential buyers registered with their branches dropped by 16% in May, while there was a 6% reduction in the number of market appraisals undertaken.

The secret to slashing the time it takes to sell a property is to bypass the open market altogether. If Rightmove says it takes an average of 71 days to find a buyer, Open Property Group can beat that hands down.

As professional cash house buyers, we make quick offers on all UK properties. Use this online form and you’ll have a cash offer from us without hours. As soon as you accept, we can action the conveyancing process, even paying your legal fees.

Open Property Group’s average time from offer to exchange is 35 days, and our average time from exchange to completion can be as quick as 7 days but this can be longer to suit the seller’s personal circumstances. Don’t forget, we buy any property, whether it’s a problem dwelling, has a short lease or even if it’s tenanted.

If these time frames suit your circumstances better than the open market and you need to sell house fast, let’s chat. Our team is waiting with advice and an offer. Contact us via phone, email or social media.