The Magic Number: 6-8 Months
In the UK, on average it takes six to eight months for a property transaction from listing your home till you hand over keys. So don’t get carried away counting down the days just yet as such are averages and you could be faster or indeed even much, much longer than that depending on several factors.
Breaking Down the Timeline
The usual sale develops through stages. You will also need time to prepare your property and do a search for an estate agent, combined, this can take you up to 6 weeks or more. It generally takes a few weeks to several months after your home is on the market to find a buyer, depending on demand in your area. For Gloucester Estate Agents, contact https://www.tgres.co.uk/
Once you take that offer then the waiting really starts. Conveyancing surveys, mortgage approval and legal paperwork can drag on for 8-12 weeks easily. This is usually the most frustrating part because a lot of it is out of your hands.
What Affects Your Timeline?
Location plays a huge role. Houses in London and the South East are always going to be sold faster than properties found elsewhere, where demand is lower. Your property type is important as well – 3-bed family homes near good schools understandably often fly off the market, but unique or quirky properties may take longer to find their ideal owner.
Market conditions are crucial. You could receive several offers within days in a seller’s market! In other cases (such as buyer’s market) you can wait for a perfect purchaser in order to conclude your deal but it may take a few months.
The Chain Reaction
Expect delays if you’re part of a property chain (buying while selling). Chains are notorious for their unpredictability — a single problem with one person’s mortgage application, or even the property survey can hold everyone else up. The easiest transactions are with first-time buyers and cash purchasers.
Speeding Things Up
Want to sell faster? Get your pricing right — or near enough because a property will fetch the best market price at its peak value or let the estate agent do what they do best if you really want to make certain. You might also be more flexible in terms of when you can view the property, or have all your paperwork ready to go.
The average timeline is a good reference point but remember that every property sale will be different from others.
