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How Long Does It Take To Sell A House

How Long Does It Take To Sell A House

  • What does a property chain mean?
  • Facts on how long it takes to sell a house in the UK
  • Factors that affect how long it takes to sell a house
  • What to do when you need to sell your house quickly
  • Steps to take when you want to sell your property quickly
  • Reasons why you should choose Griffin Residential as your estate agency company
  • How long does it take to sell a house in the UK after receiving an offer?
  • How long does it take to sell a house with no chain?
  • How long does it take to buy a house with no chain?
  • How long does it take to sell a house after an offer has been accepted?

How Long Does It Take To Sell A House

When relocating from a town or city, you need to find out how long it takes to sell a house. Selling a home may take several weeks (or sometimes months). This is because of the paperwork and steps that are involved. But your house doesn’t have to take so long before it is sold. 

If you urgently need to sell your property, then another question you need an answer to is the average time it takes to sell a house. The questions of how long it takes to sell a house in the UK, depend on some factors that we will examine in this article.

Some properties sell within a couple of days, and others take forever. Griffin Residential seeks to enlighten you on how long it takes to sell a house and help you through the process. If you want your house to be sold as quickly as possible, then read on to find the tips and tricks that can help you.

What Does A Property Chain Mean?

A property chain is a common term among solicitors, estate agencies and sellers. It means that the sale or purchase of a house depends on another transaction. So, when A buys B's home, B then uses the money he gets to buy C's home and so on. Property chains may not be applicable all the time. 

Situations, where property chains do not exist, are called chain-free, and the properties are called no-chain houses. Only 10% of the houses in the UK are chain free. 

Facts On How Long It Takes To Sell A House In The UK

It is vital to examine facts related to the sale of properties to get the timeframe in which it should be sold. These pieces of information should not be confused with how long it takes to buy a house. Some of these facts and figures include;

  • The average house sale time in the UK is 102 days. The report by the City Rate of Sale showed that it takes different times to sell a house, but the average is 102 days. This report by the Post Office Money Mortgages examined the largest cities and came to this conclusion. Of all the cities that were studied, Edinburgh had the lowest time taken to sell a property with 39 days. Belfast had the highest time with 111 days.
  • The asking price is the most important factor in determining how long it will take to sell a house. Data from a survey showed that the price of a property is the most influencing on how long it takes for the completion of a no-chain house sale. Factors like the market condition, type of buyers and estate agents used, follow the price on this list. The condition and uniqueness of the property have the least effect on how long it takes to sell a house.
  • Each property in the UK has an average of 15 viewings before it is sold. Research shows that while the average house viewings are 15, it takes fewer viewings to sell a property in the North. For example, houses in Carlisle require about six viewings from buyers before they are sold. However, the season also affects the number of viewings the property gets before it is sold. A property that is just placed on the market (hot market) will have more viewings than if it has stayed for a while (cold market).
  • The average period before an offer is accepted is 50 days.
  • It takes 70 days from when an offer is accepted to when an exchange is made.
  • The average time it takes from exchange to completion is about 14 days. Getting a buyer for your property is not the end of the process of selling your house. A lot of paperwork needs to be completed. When the house is exchanged, it takes about 14 days before the selling process is completed.

Factors That Affect How Long It Takes To Sell A House

The time taken before your house is sold depends on many factors. Some factors that you should keep in mind to reduce the time it takes to sell your house are;

1. The Asking Price: This is the most influencing factor in how long it takes to sell a house in the UK. Houses with fair prices attract more offers even if other factors are not conducive for the buyer. Overpricing a home is a deal breaker for many buyers as you can control the amount. Three situations can play out when placing a price for your property;  

  • You Overprice It: Overpricing a home will keep it in the market for too long. When a property is cold, it does not attract buyers as much as when it has just been listed on the market. This is where Griffin Residential can be of help. We provide free valuations of properties to reduce the time it takes before your house is sold. 
  • You price it properly; Pricing your house means valuing it at its correct price. This is the recommended strategy that every estate agency, surveyor or solicitor will advise you to do. Your property will be sold on time if your price is adequate. 
  • You under-price your property: One of the ways how you can reduce the time it takes to sell your house quickly is to under-price it. But this comes at a cost. You will get a lower price than the value of your house. If you need a way to sell your house quickly and are less concerned with the price, then you can under-price your property. 

Takeaway: We recommend you fix a price that is just below the valued price, but not too low that a loss will be made.

2. Condition Of The Home: The condition of your house plays an important part in determining how long it takes to sell it in the UK. Buyers may be marvelled at the low price of a property, but will not complete the purchase if the house is not in excellent condition. The age of the house is also considered in the condition of the home. Modern houses with revamped looks sell quicker (especially in the hot market) than older houses.

A practice that many solicitors engage in is to stage the house to attract buyers. A survey by the National Association of Realtors showed that 39% of agents staged the homes of sellers and 39% of these houses sold faster than others. The report showed that kitchens, dining rooms and master bedrooms were the most frequently staged rooms in a home.

Takeaway: It is best to put your home in the perfect conditions before it is listed on the market. This will reduce the average time it takes to sell your house.

3. Market Type: There are two major market types for properties in the UK; the hot market and the cold market. These two market types have a significant effect on the average time it takes to sell a house in the UK. The hot market is also known as the sellers’ market, while the cold market is also called the buyers’ market.

Hot markets are identified by higher demand for houses to be purchased. Buyers have an advantage in the cold market because properties can be priced competitively. This will ensure that they do not stay in the market for too long. On the other hand, cold markets are identified by lower demand for the supply of houses. A hot market will benefit sellers because they can sell very quickly at an excellent price.

Market types may also shift. If the market is transitioning, then it becomes tasking to sell a home. You can set a higher price if your market is rising to get more profit. No buyer, seller, solicitor or estate agency can influence how long it takes to sell a house by altering the market type. Instead, all that can be done is to delay the sale until the market conditions are favourable. 

Takeaway: We recommend that you study the market conditions and types before listing a property on the market. This reduces the average time it takes to sell a house.

4. Location and Lot: Another key factor in determining how long it takes to sell a property in the UK is its location. Property chain buyers always look for houses that are suitable for the change they desire. If the listed house is in an urban location, it is more likely that it will have more viewings. This is another factor that cannot be influenced by the seller, solicitor or estate agency.

Takeaway: Always provide the location of your houses so you can sell your house quicker.

5. Seasonal Patterns: At Griffin Residential, we have noticed that the sale of houses is dependent on seasonal patterns. Different markets have different seasons. Generally, it is advisable to sell your house during the summer than in winter. This is because people prefer to move during the hot weather. If the market does not have many seasonal changes, then timing your house's sale will not change how long it takes to sell a house.

Takeaway: Find out what market conditions are favourable to the sale of homes and use this information to your advantage.

What To Do When You Need To Sell Your House Quickly

How quickly you can sell a house will depend on the conditions of your local market and how many weeks you have to sell.

  • If you need to sell your house within eight weeks, then consider both the cold and hot markets. Cash buying companies and agencies like Griffin Residential are the only companies that can assure a sale of your product within this timeframe.
  • If you need to make a sale within 8-16 weeks, then you could do so in the hot or cold market. In the hot market, you should get a reasonable price using an excellent estate agency. On the other hand, the probability of finding a buyer and completing a transaction is low in the cold market. Instead of selling in this period, you should wait for favourable market conditions.

Any sale after four months of being listed will have very few buyers and a low likelihood of completion.

Steps To Take When You Want To Sell Your Property Quickly

Step 1: Research on the market type and conditions

Before selling a property or buying one, you should have decided on the location of your new home. Other things you should figure out are;

  • The type of building
  • The market conditions and type
  • Information on other properties
  • Your preferred estate agency, solicitor or company.

Deciding these factors will help you reduce how long it takes to sell your house in the UK.

Step 2: Value Your Property

Valuing a property means estimating the total cost of the house and all the equipment in it to be sold. To evaluate your property, answer these questions;

  • How much was this house bought for/ what is the cost of this house?
  • What is the worth of every equipment to be sold and room in the house?

These questions will help you decide the value of the property. Some sellers find this process stressful. That's why you have us. At Griffin Residential, we help our customers value their property and ease them of the stress of doing so.

Step 3: Use an experienced estate agency and solicitor to help sell your house

It is tasking to negotiate with every buyer that approaches you to purchase your house. To ease the stress, outsource this task to an estate agency (like Griffin Residential). An experienced solicitor may also render these services. We can also help you reduce how long it takes to sell a house after an offer has been accepted. 

Reasons why you should choose Griffin Residential as your estate agency company

Griffin Residential is a renowned online estate agents or agency in the UK. A few factors that will make us your preferred estate agency include;

1. Professionalism: We attach no emotions to the properties we are to sell. Griffin Residential will provide you with the best and most professional online estate services that you can find.

2. Accurate Valuation and pricing: We provide valuation and pricing services that will reduce how long it takes to sell your house. Griffin Residential has an online valuation software that you can use for free. We can also come to your location and value your property for you. We will handle the pricing of your house so you can sell it for an excellent price and as quickly as you can. Griffin Residential has a 100% success rate for the sale of all the properties assigned to us. 

3. Control and tracking of the sale: Unlike other estate agency, we will provide you with total control of the process and tracking services. You will be able to see all the viewings per week at any location and at any time. The final decisions will be made by our customers. We only provide them with the best buyers for their homes.

4. Experienced Estate Agents: We have a team of friendly agents that you can always contact to help you through the process from negotiation to completion. We will guide you through the best decisions to make so that you can reduce the time it takes to sell your home.

How long does it take to sell a house in the UK after receiving an offer?

The time it takes for the entire sale of a house is about 102 days. It is recommended that you sell your house in hot markets than in cold markets.

How long does it take to sell a house with no chain?

The time it takes to sell a house with no chain varies in different places. On average, it takes about ten days to sell your house with no chain. However, it can take up to 6 weeks if processing the paperwork takes time. Offering cash to a buyer will reduce how long it takes for the completion of the sale of a no-chain property.

How long does it take to buy a house with no chain?

In a chain-free market, it takes almost the same time to sell and buy a house. The average time to complete a purchase is 100 days (3 months). This time depends on the amount of paperwork to be completed and the market conditions. 

How long does it take to sell a house after an offer has been accepted?

When a qualified estate agency like Griffin Residentials takes charge of selling your property, we try to influence the time it takes to accept the offer. The average time taken before an offer is accepted is 50 days, and this affects the total time to sell a house in the UK.

On bad days, it may take as long as 280 days before an exchange is made.

It takes a shorter period for a property to be sold after it has been accepted in the cold market than the hot market. This is because;

  1. Cheaper properties are bought in the cold market since the goal of a buyer is to get the best quality at the lowest price.
  2. Fewer transactions happen because the estate agents and solicitors have fewer things to handle and are more efficient.
  3. Leasehold properties are not often sold in the cold market. Such properties take a longer time to complete their sale. Also, third parties may be involved in leasehold properties.