Back in 2017, Swansea had the dubious distinction of being one of the slowest places in the UK to sell a home, taking at the time an average of 110 days for a property to sell. That’s nearly 5 months of extra mortgage payments and bills to factor in, which would have significantly eaten into any profits once the property sale did complete.
It was for these reasons that cash house buying services like We Buy Any Home began to make traction in the home selling space throughout Swansea, Wales and beyond. People were, and are, increasingly frustrated at the length of time selling homes takes, and a sale is not even guaranteed at the end of it. With cash buying services, neither of these things is true – we can guarantee a sale and get it done in as little as 7 days too.
But what does the picture look like today when it comes to selling times? A lot has changed in the property market over the past 6 years, so let’s look at what is happening nationally and here in Swansea itself.
How long do most houses take to sell?
The duration required to sell a house in England and Wales has decreased over the past year by an average of 44 days, taking an average of 250 days to sell. This is a notable improvement from the 294-day average the previous year.
As the data shows, when compared to 2017, the time to sell a home has increased quite dramatically, taking the best part of 9 or 10 months to get a property sold.
In Swansea, the time it takes to sell various types of properties has seen significant shifts over a year. Here’s a summarised breakdown of the average time properties spent on the market between October 2022 and October 2023:
- Detached Homes: Increased from 102 days in Oct 2022 to 123 days in Oct 2023 (+21%).
- Semi-detached Homes: Rose from 74 days to 114 days (+54%).
- Terraced Homes: Went up from 69 days to 105 days (+52%).
- Flats: People can sell flat fast more often these days, as the average time has reduced slightly from 308 days to 292 days (-5%).
- Overall Average: Increased from 140 days in Oct 2022 to 149 days in Oct 2023 (+6%).
Why are houses taking so long to sell?
There are several reasons why houses may take longer to sell, especially in the current economic climate:
Cost of Living Crisis
The ongoing cost of living crisis has made it difficult for many individuals and families to manage their daily expenses. As people grapple with increasing prices for necessities, it can become more challenging to save for a deposit or even consider purchasing a home.
Sharp Rise in Mortgage Rates
Mortgage rates have recently risen sharply to over 6%. This surge means that potential homebuyers face significantly higher monthly mortgage payments. For many, these increased rates can put homeownership out of reach or make the prospect of purchasing less appealing due to the high costs of financing.
With an inflation rate hovering around 6% for an extended period, the purchasing power of consumers is eroding. Everyday goods and services have become considerably more expensive. As the cost of living increases, potential buyers may delay or reconsider their home-purchasing decisions, fearing that they might overextend themselves financially in an already challenging economic environment.
In light of this, many potential homebuyers might be adopting a “wait and see” approach, hoping for economic conditions to stabilise or improve before committing to such a significant investment as a home purchase. This, in turn, can contribute to longer selling times for properties on the market.
How long does it take to sell a house once an offer is accepted?
Securing an offer is just the beginning. Once you’ve enticed a buyer to settle on a price, the journey to finalise the sale kicks off and you’ll need the help of a solicitor.
A lagging or inconsistent solicitor can prolong your sale so choose one wisely.
Your solicitor will typically:
- Manage local authority and water authority searches
- Handle property deed matters
- Review flood risk and environmental assessments
- Investigate location-specific plans and chancel repair searches
Once the surveys are done by the buyer, contracts are usually exchanged. Upon contract exchange via solicitors, you’re nearing the finish line. At this juncture, the sale gets its legal stamp. Should the buyer backtrack now, they’d face a substantial penalty.
All in all, if there is no chain and the buyer has cash readily available, it should take no longer than 8 weeks. However, if there is a long chain, this timeframe can easily double or go even further beyond that.
What is the quickest time you can sell a house?
On average, it takes at least 8 weeks to sell a home without any chain involved. To many, this is still a lengthy amount of time, especially if you need to carry on paying the mortgage or bills. This is why many people turn to us at We Buy Any Home.
Over 25,000 people a year trust our team of experts with their house sales as we can offer:
- FREE cash offer within minutes
- Receive funds in 7 days
- A guaranteed sale on any property
We provide a complimentary online house valuation for an immediate estimate of your home’s value. If you’re interested in a formal offer, we can conduct a detailed phone valuation and present a no-obligation offer within 24 hours, ensuring a swift start to your home-selling journey. We can finalise the purchase in as little as seven days, but we’re adaptable to your preferred timeline. Our efficiency stems from:
- Collaborating with independent solicitors knowledgeable in the rapid house-buying sector.
- Being a true cash buyer with our funds, eliminating delays from securing mortgages or waiting to sell other properties.
Our unique position allows us to purchase your home on your terms, whether that’s in a week or over several weeks. If a speedy sale is your goal, we can transition from valuation to completion in just seven days, allowing you to sell flat fast – or any property for that matter.
So, if you do not want a long drawn out affair when it comes to selling your home, give us a call and see how fast our service is for yourself.