Latest researches reveal that the time it takes to sell a home has increased by a week in the last year, with properties in Luton and Bristol seeing the median time properties spend on market increase by 20% and 19% respectively.
According to the data, most sellers get an offer in less than three months, however, as many as one in three have experienced an offer fall through within the first three weeks of receiving it.
Properties in Edinburgh and Glasgow sell fastest – an average of 39 and 48 days, with Blackpool taking the longest time, despite being the UK’s most affordable location for first-time buyers.
The research found that it takes, on average, 102 days to sell a property in the UK.
Properties in London and Blackpool take the longest to sell – taking on average 126 and 131 days. Despite London previously having one of the most competitive property markets, its expensive properties fuelled by years of double-digit house price growth, tend to take longer to sell. Properties over £1 million take 171 days on average to sell in the capital, whereas cheaper properties take only 99 days.
Top tips for sellers:
While it is true that making home improvements can increase the value of your property and how attractive it is to buyers, make sure you are investing your money wisely. Find out what buyers in your area are looking for and what they will value by talking to estate agents and neighbours who have had success.
The best way to reduce the time your property spends on the market is to make sure it is competitively priced. There are so many factors that can impact your home such as transport links and school catchment areas, make sure you’re using other successful recent sales in your area as a guide.
If you are able to, be selective when choosing a buyer as it can make a difference. People who have already sold their home or first-time buyers can be more attractive to sellers as you are unlikely to get caught in a long-chain.
Keep lines of communication clear between you and any prospective buyer; a friendly relationship between the two of you during a time of mutual stress is the best way to ensure the process runs smoothly.
If an offer doesn’t complete, don’t panic. In today’s competitive housing market this is an all-too-common experience but luckily, as our Rate of Sale data shows, the market continues to be competitive and a well-maintained property is likely to attract a new buyer soon.
Top tips for buyers:
If buying in an area with a slower sale rate, an ability to move faster may provide an opportunity to negotiate with the current owners on house price. Having an agreement in principle in place can speed up the process and put you ahead of other buyers. This also means you’re less likely to be gazumped by an offer from another, more nimble, buyer.
Try to establish a friendly relationship with the seller. Ultimately, people are more likely to honor an agreement if they have had a positive interaction with you. This may also help with other requests, such as asking the seller to remove the property from any active listings.
A property transaction falling through is a worry for buyers, but there are ways to stop this happening. The process also eliminates gazumping.
Use the average property sale rates to help plan for any additional costs that may occur if your home takes longer to sell than expected. Paying Council tax, home insurance and service charges on two properties can quickly add up.
