Flats are one of the most common types of property in the UK.
New ones are listed on the market every day.
So, if you’re looking to sell your flat, how long will it take?
Read on to find out the answer to this question and more.
Average time to sell a flat in the UK
The consensus across the UK is that flats take an average of 55 days (just under 2 months) to sell a flat in the UK.
They typically take longer to sell than houses, because there is a much greater supply.
However, averages aren’t always very instructive. they capture a wide range of averages across the country, from just 19 days in some areas (i.e., Manchester, Waltham Forest) to up to 118 days in others (parts of Devon and Somerset).
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. And on top of this, these flats can be a part of a tower block or smaller residential buildings, on different floors, etc.
These factors all play a big role in the type of 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.
4. Market conditions
Market conditions also make a big difference selling time frames. If interest rates are low, mortgages become more affordable. So, more first-time buyers enter the market to purchase a property.
5. Time of year
Like other types of property, the demand for buying flats is slightly seasonal.
Spring (especially March) is generally considered the best time to sell a flat in the UK. This is due to increased buyer activity of families aiming to move before summer holidays disrupt the process.
Conversely, summer (July/August due to vacations) and early winter (November/December with Christmas focus) are typically the worst times. There are fewer buyers, which gives them (buyers) 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
When selling a flat in the UK, there are a few common challenges that you may encounter that are absent with other house types.
Firstly, most flat owners are leaseholders. This means they lease on the property for a certain period, after which the house must be returned 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.
There might be cladding issues, too. When selling a flat with cladding, you must disclose this to potential buyers. After all, it could affect the value and safety of the property.
An External Wall Fire Review (EWS1) form may be needed to show the cladding meets safety standards. Legal advice is recommended to navigate potential issues.
Many lenders do not offer mortgages on ‘Freehold Flats’, too. This can can make them difficult to sell because there are legal complications involved, which the new owner will be taking on.
Instead, you will usually need to find a cash buyer willing to purchase it, as they can do so without relying on a mortgage.
What can I do to speed up the sale of my flat?
If you can extend your lease before listing the property on the market, then this will help your ability to sell your flat quickly.
Likewise, sorting out cladding issues and getting the correct documentation will make an enormous difference.
Your price will impact how much interest is shown in your property.
You should get information about flat selling prices in the area over the past few months. This helps you understand the current market conditions and what you can realistically expect to sell for.
Ensure you have an updated Energy Performance Certificate and clear information about the square footage.
Using the right estate agent will make a big difference, too, as the marketing can significantly impact how quickly you find a buyer.
Your flat should be in the best possible condition when you host viewings. And you should stage it well.
Are lease regulations due to change for flats in the UK?
At the time of writing, the UK Government is passing a ‘Leasehold and Freehold Reform Act’. This aims to give leaseholders more power over the ownership of flats across the UK.
The Act will make it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges.
The Act will also remove barriers for leaseholders to challenge their landlords’ unreasonable charges at the Tribunal.
A new leaseholder will no longer need to own their house or flat for two years before they can buy or extend their lease.
(Although dates and timelines for introducing these changes have not yet been announced, they should happen within the next year.)
How quickly can I sell my flat?
If you want to sell your flat quickly, you can contact an auction house or cash buyer.
Trustworthy cash buyers can purchase your property within 7 days, in any condition, with no associated fees.
This is particularly useful if you are facing repossession, have sitting tenants, are experiencing cladding issues, or have a short lease.
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Fill in our enquiry form below if you want a cash offer for your home.
