Once your house goes on the market, you will be itching to make a sale so that you can proceed with buying your new home. Many sellers, especially first-time sellers, will want to know what the average time it takes to sell a house is.
Although it varies wildly across the country, and also depending on your type of property, the average time it takes to sell a house in the UK is normally around 2 to 3 months, according to information released by Gov.uk.
What is the average time it takes to sell a house in the UK?
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There are areas where properties sell the fastest.
According to research by property website Zoopla, if you want to sell your house quickly you should consider living in Northampton, where it is estimated that you can secure an offer after 27 days on the market. This is much shorter than the average time for a house to sell in the UK.
At the other end of the scale was Ipswich, where you can expect an average of 36 days before you home is back off the market.
As predicted, this shows how important location is when it comes to selling your house fast.
Regionally speaking, you are better off selling a home in the South East of England. The average time it takes to sell a house in this area is around 42 days, or just over a month.
If you are not in such a rush to sell your house, then you will not mind residing in Wales, which sees a 66 day average house sale time to completion.
Economic uncertainty can also affect the average time it takes to sell a house. John Willcock, Head of Mortgages at Post Office Money, stated that 2016 saw a slowdown in the housing market with “economic uncertainty adding to the current pressures faced across the market.” He noted that “some local property markets could be impacted significantly as weaker demand coincides with more properties coming onto the market.”
In the face of Brexit, many homeowners may consider delaying the sale of their house. Not only because the time it takes to sell their home will perhaps be longer, due to an uncertain housing market, but also because they may lose value on their property for much the same reason.
It was predicted that 2018 would see house prices stay flat, or just see a small 1% rise. With less proprietors looking to sell, there will be fewer people on the market ready to purchase your property.
If you are looking for the quickest way to sell your house, you can shorten this average slightly by ensuring that:
- The condition of your property is up to scratch: you can do this by making some simple home improvements, or even just giving the house a fresh lick of paint!
- Your asking price is correct for your type of property: Make sure that your home hasn’t been overvalued in comparison to others in the area that are in a similar condition. Overvaluation is a trick often used by property cash buyer scammers.
- Your buyers are ready to move in: waiting on a chain of buyers will obviously add time onto how long it takes to sell your property.
- You have all the necessary documentation: lack of the necessary forms and documents could delay the house sale completion process. All sellers are required to provide an Energy Performance Certificate for the property, for example.
However, there are some factors that are beyond your control and can affect the average time it takes to sell a house. For the fastest way to sell your home, just get in touch.
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