Flats are one of the most common types of property in the UK.
New ones get listed for sale every day.
So, if you’re looking to sell your flat, how long will it take?
Average time to sell a flat in the UK
UK flats take an average of 28 – 31 weeks weeks (around 7 months) to sell.
This is a longer time frame than houses, which often take about 16 – 25 weeks (4 – 6 months).
However, averages aren’t always very instructive. They capture a wide range of averages across the country.
To estimate how how long your flat will take to sell, you first need to consider several factors.
Factors that influence flat selling times
1. Location
Your location will make a considerable difference.
For example, over the past year, selling times for flats have varied across the UK:
- Birmingham: 155 days (5.1 months)
- Glasgow: 36 days (1.2 months)
- Cardiff: 169 days (5.6 months)
- Belfast: 171 days (5.6 months).
2. Type of flat
There are several different kinds of flat, including:
And more.
These flats can also be in tower blocks, residential buildings, different floors, etc.
These details all play a big role in the demand and potential buyers you deal with.
3. Flat condition
As with houses, flats in good condition generally sell faster on the open market than those that are not.
However, flats in particularly bad condition can sell fast if the right buyer is found. This is usually to a cash buyer (like We Buy Any Home) or at an auction house.
4. Market conditions
Market conditions also make a big difference to selling time frames.
If interest rates are low, mortgages become more affordable. So, more first-time buyers enter the market to buy property.
5. Time of year
Like other types of property, the demand for buying flats is seasonal.
Spring (especially March) is the best time to sell property in the UK. This is largely due to increased buyer activity of families. Many aim to move before summer holidays disrupt the process.
And summer (July/August) and early winter (November/December) are the worst times. This is because of the summer and Christmas holidays, respectively. When there are fewer buyers, buyers have more negotiation leverage.
6. Government initiatives
Similarly, the UK government periodically introduces initiatives to help people buy property. This can increase the demand for flats because it makes them more affordable.
Common challenges when selling a flat
Leaseholds & mortgages
Most flat owners are leaseholders. This means they lease the property for a certain period. After this, the house returns to the freeholder.
Most lenders in the UK do not offer mortgages on flats with less than 80 years left on the mortgage.
So, you may then need to find a cash buyer or extend the lease yourself.
Freeholds & mortgages
Freehold flats are difficult to sell. This is because there are legal complications involved, which the new owner will be taking on.
Cladding issues
Many older flats have cladding on their exterior for insulation.
It can cause issues with safety regulation. So, when selling a flat with cladding, you must disclose this to potential buyers.
An External Wall Fire Review (EWS1) form may be needed.
How to speed up the sale of a flat
Fixing issues
There are many issues potential buyers will be concerned with.
For example, if your lease is short, extending it will speed up future sales.
The same principle applies to other issues, including ones related to:
- Cladding
- Plumbing
- Appliances
And more.
Clear marketing
Accurate marketing will increase your chances of finding the right type of buyer.
Clear photos, copywriting, and property details help. Information about the flat’s square footage, for example, is crucial.
Staging it well
Your flat should be in the best possible condition when you host viewings. So, you should stage it well, which involves:
- Cleaning
- Tidying
- Depersonalising
- Removing or adding furniture and other objects.
Accurate pricing
Your price will impact how much interest is shown in your property.
Look at flat selling prices in the same area over the past few months. Understand current market conditions, too.
Ways to significantly increase flat sales times
The above methods can help speed up sales on the open market.
But to significantly reduce the selling time frame, you should consider alternative channels.
For example, auction houses can reduce the sales process by a few months.
And cash buyers can complete in a matter of weeks, in any condition, with no associated fees.
Contact us at We Buy Any Home if you would like to learn more.
