fbpx

It takes 162 days to sell a property in England and Wales

Michael Lloyd

June 26, 2019

hmrc property transactions

On average across England and Wales it currently takes 162 days for a property to sell from the moment its first listed until completion, estate agent comparison site GetAgent.co.uk has found.

It takes 109 days to find a buyer and accept an offer, and just 53 days for the property to go from under offer to completed.

Colby Short, founder and chief executive at GetAgent.co.uk, said: “Traditionally the back end of a sale is the most nail biting and can also be the most protracted as the legal requirements can drag on and on between a number of parties. However, with current market conditions plagued by uncertainty, it’s interesting to see that the time taking to sell is actually taking the longest at the buyer finding stage.

“It’s no surprise that the quickest areas for the entire selling process are located outside of London and the South East as these regions have suffered less at the hands of Brexit uncertainty and a more business as usual attitude has seen the markets remain in good health.

“What’s interesting about this research is the huge differences between agents when it comes to finding a buyer and completing on a sale.

“Many agents will use selling time as a marketing tool, but this goes to show that while some may find a buyer quickly, it doesn’t mean they will complete your sale with the same speed.

“Our advice is to always dig down and find out exactly what they mean by ‘selling’ as finding a buyer and accepting an offer is vital when selling, but it does not mean that agent has sold a house.”

The quickest postcode to currently sell your home is the M23 postcode in Manchester at 116 days, taking 91 days to find and accept and offer and 25 days to complete on the sale.

In terms of the overall area, Nuneaton and Bedworth is home to the quickest home sales and present with an average selling time of 125 days.

Redditch, Coventry, Charnwood, Torfaen, Sedgemoor, Rugby, Mansfield, Harborough and Kingston upon Hull are also some of the quickest home selling locations at 134 days or less.

In London, Barking and Dagenham is the quickest borough when selling a property at 156, with Bexley, Hammersmith and Fulham and Havering joint second at 173 days.

When it comes to finding that initial buyer, the quickest postcode area is YO62 in North Yorkshire, taking just 54 days. However, with the completion of the sale dragging on for an average of 84 days, it takes 138 days in total to sell in the area.

Hyndburn, North East Lincolnshire, Pendle and South Tyneside are the quickest regions to find a home buyer at between 69 and 79 days.

Kensington is home to the quickest time when listing a property for sale to accepting an offer at just 95 days, closely followed by Hammersmith and Fulham at 99 days.

Looking at the final stages of a sale in BS3 in Bristol it takes just 16 days on average to get a sale over the line.

Redditch is the quickest area as a whole with an average time of just 24 days, along with Rugby and closely followed by Kettering.

Waltham Forest is the quickest London borough at an average of 37 days.


Sign up to our daily email