Most property sellers hope to find a buyer soon after putting their house up for sale.
There are many factors that affect whether this will happen or not.
This blog explains how long it usually takes to find a buyer and what affects this timeframe.
How long does it take to find a buyer for a house?
On the open market in the UK, it takes about 32 days to get an offer on your property from the moment you begin marketing it.
Whether you decide to proceed with this offer is entirely up to you.
Negotiation over selling price is usually the next step, which typically takes between 1 day and 3 weeks.
Time to find a buyer vs time to sell a house
The timeframe for finding a buyer is very different from the average time it takes to sell a house.
At the time of writing, the latter is 25 weeks (almost half a year!). This is about 6x longer than it takes to find a buyer.
Time on market vs. time to sell
Time on the market is different from time to sell.
Time on the market refers to how long it takes to go ‘under offer’.
This is when estate agents typically take properties off the market – i.e., stop marketing them. But there is no guarantee that this offer will proceed to a sale. It might need relisting further down the line.
Time to sell refers to the exchange of contracts and the sale becoming binding. It happens after a house is taken off the market.
In summary, the time to sell is always longer than time on the market.
How long does each property type take to sell?
The average time to sell a house varies based on several factors, including the property type.
Some house types are more common and popular than others. This affects the negotiating power of both the buyer and the seller.
The time of year is also an important factor. Spring is often the best time to sell a house.
Across the entire UK, the average time to sell is as follows:
- Flat: 176 days
- Detached: 155 days
- Terraced: 152 days
- Semi-detached: 150 days
What affects the time it takes to find a buyer?
There are lots of things that affect the time it takes you to find a buyer.
Some of these are outside of your control, such as:
- Market conditions (e.g. interest rates)
- Property chains
- Estate agents
- Selling price
- House condition
- Delays with conveyancers.
Buyers changing their minds is another common cause for delays. So, too, are inefficient professionals supporting the sale. Both can be costly.
How to speed up finding a buyers
As a seller, there are things you can do to sell your house faster on the open market.
Your asking price is one of the most critical points. Overvaluing your property can put off many potential buyers before they have even seen it.
You should get several independent valuations to ensure you list it for a suitable price.
Improve its curb appeal and stage it well to boost its marketing and viewings.
Finding a cash buyer
Cash buyers can buy houses quicker than regular buyers because they are not relying on loans.
Finding a cash buyer is also relatively easy. These could be individuals or companies (like We Buy Any Home).
A genuine cash buyer can put an offer in more or less immediately. They can also complete a sale in as little as 7 days.
What can I do to speed up the selling process?
Find a good estate agent
Choosing the right estate agent can make a big difference to property sale timeframes.
Ask for references from previous customers and check their online reviews. And don’t sign an overly restrictive contract.
Look for chain-free buyers
Selling your property to chain-free buyers can speed up finding a buyer and selling.
It might also be worth accepting a slightly lower offer if the buyer is chain-free.
Provide an accurate listing
Make sure that you are honest about defects with your house. Trying to hide major flaws is worse in the long-term because the surveys will reveal them.
You’ll then delay the sale by several weeks or months, as renegotiation on price takes place. You might even turn a buyer away completely.
Improve the condition of your house
Selling a house in a bad condition is possible if you target the right buyers.
However, many buyers will want at least the basic fixes done before they move in. 7
There are some fixes you don’t need to worry about, too.
Which locations have the fastest-selling houses?
Figures show that the fastest region to sell a house is the north-east of England, at approximately 62 days. This is also one of the places that has the most affordable properties.
The second fastest region in which to sell a house is the northwest of England, at 69 days. This category includes major cities such as Manchester and Liverpool.
The third fastest region is the west midlands, at 71 days. This includes places such as Birmingham and Wolverhampton.
Which locations have the slowest selling houses?
Figures show that the slowest region to sell a house is Wales, at 80 days on average.
The second slowest region is London, at 78 days.
Although there is no doubt that many people want to live there, experts think that the high housing prices have slowed down the market. This is because it limits the number of potential buyers.
The third slowest region is the east midlands, at 77 days. This includes cities such as Leicester, Derby and Nottingham.
