Data published by property website Rightmove reveals that it takes, on average, 216 days to sell a home.
The average home is on the market for 62 days before a buyer is found, then takes a further 154 days from accepting a buyer’s offer to moving out.
Flats take the longest to sell, averaging 169 days, compared to 149 days for a semi-detached or terraced house.
There are several reasons why home sales take so long. Issues revealed in searches and delays caused by problems in the property chain are some of the main obstacles that delay transactions. Conveyancers often have high caseloads, which prevent them from processing the legal work quickly.
The time to complete a purchase also depends on location, with London taking the longest time at an average of 244 days from the property appearing on the market to the purchase being completed. The quickest sales process is in Scotland, which takes an average of 127 days, due to the legal process in Scotland being quicker. In the Northwest, the property purchasing time is an average of 209 days.
The chief executive of Rightmove, Johan Svanstrom, says that more digitisation of the house buying process, better information standards and transparency are the key to speeding up house buying.
If you have a date to move in or out of your home, now’s the time to contact a leading Merseyside removal company, like Merseyside Movers & Storers, for a quote to move all your belongings.
