Selling a home is a significant milestone and understanding the timeline can help set your expectations. On average, from the moment you list your property to the completion, it takes about 25 weeks—just under six months. This period includes all stages, from marketing to handing over the keys.
In this guide, we’ll discuss key stages of selling a home, including how long it typically takes to receive an offer, what happens after an offer is accepted, and what factors can influence the timeline. Additionally, we’ll provide tips to help speed up the process and ensure a smooth transition to your next property.
Time to receive an offer
Once your home is on the market, the time it takes to receive an offer can vary. On average, properties go under offer within 35 days. However, this can differ based on the type of property:
- Two-bedroom terraced houses: Approximately 25 days to go under offer.
- Detached four-bedroom homes: Around 45 days.
These figures can fluctuate depending on location and market demand. A well-priced and well-presented home in a sought-after area may receive an offer much sooner, whereas properties in areas with lower demand or requiring substantial repairs may take longer.
Steps after accepting an offer
Once you’ve accepted an offer, several key steps follow:
- Conveyancing: This is the legal process of transferring property ownership. It is advisable to have a solicitor or conveyancer ready to start as soon as you accept an offer. This process can take 8 to 12 weeks, depending on the efficiency of both parties’ legal representatives.
- Property taken off the market: Some sellers choose to take their home off the market once an offer has been accepted to prevent gazumping (where another buyer makes a higher offer). However, this is not a legal requirement.
- Surveys and valuations: The buyer may arrange for surveys to assess the property’s condition, and if they are obtaining a mortgage, the lender will conduct a valuation. If significant issues are uncovered in the survey, negotiations may be needed to resolve them.
- Mortgage finalisation: The buyer will finalise their mortgage arrangements during this period, which can take anywhere from 2 to 6 weeks, depending on the lender.
- Exchange of contracts: Once all legal checks are completed and the buyer’s mortgage is approved, both parties sign contracts, and the sale becomes legally binding. At this stage, a completion date is agreed upon.
How long does it take to complete the sale?
The time from the exchange of contracts to completion typically ranges from 1 to 4 weeks. This timeframe is often agreed upon between the buyer and seller, but delays can occur if there are complications with removals, mortgage transfers, or last-minute legal issues.
Factors influencing the timeline
Several factors can affect how quickly your house sells:
- Property type: Certain properties, like two-bedroom terraced houses, tend to sell faster due to high demand.
- Location: Homes in some areas sell faster than others. For instance, properties in cities and commuter towns may sell more quickly compared to those in rural locations.
- Market conditions: The average time to find a buyer nationally is 59 days, but this varies depending on supply and demand.
- Property chain: If your sale is part of a chain (where multiple buyers and sellers are linked), the process can take significantly longer, as each transaction must align.
- Solicitors and legal work: Delays often occur due to slow responses from solicitors, missing documents, or complications with the title deeds.
- Mortgage approvals: If the buyer is obtaining a mortgage, lender delays can add weeks to the process, particularly if additional financial checks are required.
Related: Bridging loans explained: What they are and how they work
Tips for a smooth selling process
To help ensure a smoother and potentially quicker sale:
- Price competitively: Homes priced right the first time are more likely to sell faster and may avoid the need for price reductions later.
- Prepare your home: A well-presented home can attract more buyers. Consider decluttering, making necessary repairs, and enhancing kerb appeal.
- Choose the right time to sell: Listing your home during peak buying seasons can lead to a quicker sale. Historically, spring and early autumn are the best times to sell.
- Stay organised: Having all necessary documents ready and maintaining open communication with your solicitor and estate agent can prevent delays.
- Be flexible with viewings: Allowing potential buyers to view your home at convenient times can help secure an offer more quickly.
- Ensure financial readiness: If you are also purchasing a property, having your mortgage in principle agreed can help streamline the process.
Why do some sales take longer than expected?
While many property sales progress smoothly, delays can occur due to:
- Buyers pulling out: Some buyers may change their minds or be unable to secure financing, causing the sale to fall through.
- Issues in the property survey: If a survey reveals structural problems, buyers may renegotiate the price or withdraw altogether.
- Slow legal processes: Some solicitors take longer to process paperwork, leading to extended timeframes.
- Delays with mortgage lenders: Banks and lenders often require extensive checks before approving a mortgage, which can cause hold-ups.
- Problems within the property chain: If one transaction is delayed, it can affect every party, postponing completion for everyone involved.
Related: Understanding ‘sold STC’ – what it means and what you can do
While delays are common, proactive communication with estate agents, solicitors, and buyers can help expedite the process. Preparing your home for selling, ensuring financial readiness, and responding quickly to queries can make a significant difference. For those looking to sell efficiently, working with an experienced estate agent can reduce waiting times and help ensure a successful transaction.
Contact your local Parkers branch for guidance today.
