How long does it take to buy a home in the UK?
26th June 2019
26th June 2019
Buying and selling a home can be exasperating and complicated if you don’t know the ins and outs of what is going on behind the scenes. When we are instructed to sell a home we are often asked about lead times and what is the average time it takes to sell a property.
This is a difficult question to answer as it varies so widely. Sometimes properties sell within hours, and other times a perfectly lovely property will come to market and take months to sell. This can be down to a number of things, including time of year, price point, economic uncertainty and other market factors. Our role as the leading independent estate agent in Beaconsfield is to ensure that we provide you with the best advice – this includes making sure that you are pricing your property competitively and selling at the right time.
So, while directly answering that question is nigh on impossible, there has been some recent research undertaken to provide some insight into how long it takes to sell a home in the UK.
A virtual tours company ran a poll of 2,000 buyers and analysed each part of the transaction process. The study found that the longest element of the transaction was from the point of agreeing a sale to exchange of contracts which took an average of five months and ten days from making the accepted offer on a property. For Ashington Page the average time is just under 3 months – much of this reduced time frame is due to the fact that we keep in regular touch with all parties in the transaction to ensure that everything continues to move along smoothly.
It also found that people spent approximately 20 hours looking at properties online and tended to hover around the same 16 homes. They would wait around four days for a viewing before making an initial offer four days later. It also found that a potential buyer will view their future home an average of three times often bringing family members or friends to help with the decision making process.
Once an offer has been accepted the study found that it took another 24 days to secure a mortgage and three days to instruct a solicitor. Most people who were polled expected the process to take a little under four months, while a significant portion of the 2,000 people believed it could be done within two months.
The Ashington Page Difference
It is important to see these figures for what they are. They represent an average across the UK – for example the study found that it took an average of eight months to buy a property in London and just over five months to buy property in Scotland and the North East.
When it comes to our properties we don’t make any promises on timings but what we do ensure is that we do everything within our power to complete transactions as swiftly and as efficiently as possible.
Our team of experienced staff all live in the area and are committed to keeping both sides of any transaction up to date with all progress and have won multiple awards for customer service. We believe in building relationships based on trust and transparency and so, whether you are buying or selling a property with us, you can rest assured that we are working for the best interests of all parties.
Get in TouchIf you would like to speak to a member of our team about your property options or anything in this article, you can give us a call on 01494 680018 or email us. You can also find properties for sale in Beaconsfield on our website and follow us on Facebook, Twitter, Instagram and LinkedIn for all the latest updates.