You’ve found the perfect house and are dying to put an offer in. But one thing is holding you back, you need to sell your current home.
However, we have some good news for you. The average time to sell a house has fallen by almost two weeks since lockdown according to new research by Zoopla.
The latest Zoopla House Price Index revealed the good news. So if you are wanting to sell your home fast now is the time to do it.
The average time it takes to sell a house has fallen since lockdown was lifted. It has dropped by 31 per cent compared to the same period 12 months ago.
Back in 2019, it took an average of 39 days to sell a property. In contrast, over the last 90 days properties have sold in an average of 27 days. That is almost 2 weeks faster.
Despite Britain falling into a recession, the property market continues to see an increase in potential buyers looking for a new home. Buyer demand since the start of 2020 is 34 per cent higher than the same period in 2019.
The holiday season is usually quiet for the property market, however, Zoopla reports that demand has remained unseasonably strong. The lack of properties on the market and pent up demand from home hunters has created the perfect storm for selling a home quickly.
Three-bedroom houses have remained the fastest-selling properties, selling in an average of 24 days. They are currently the most in-demand property, but there is a shortage of supply, supporting the faster sale time.
Four and five-bed houses are also selling 33 per cent faster than in 2019. This suggests that buyers are prioritising space when moving, and looking to move out of expensive cities. Consequently, flats are taking the longest time to sell at an average of 32 days.
‘Housing market conditions remain unseasonably strong despite the UK moving into recession,’ says Richard Donnell, Research and Insight Director at Zoopla. ‘Demand continues to outpace supply and support house price growth of 2.5% per annum.’
Average time to sell a house
Pre-lockdown, according to research by Purplebricks, on average it took 109 days to find a buyer, and a further 53 days for the property to go from under offer to complete. Overall this is 3 days longer than it took in 2018.
Image credit: David Merewether
If you’re looking to find a buyer quickly then you are in luck if you live in Y062 in North Yorkshire. It will take you just 54 days, but the sale could drag on for 84 days. In the BS3 postcode in Bristol, however, you can expect the sale to be done and dusted in just 16 days.
However, in Nuneaton and Bedworth you can expect the entire sale of your house to soar through in record time. In these areas, it is estimated that a buyer will be found and the sale completed in 125 days, the quickest in the UK.
Redditch slid into second place, taking 128 days for the entire sale. Coventry took third place with 130 days.
It comes as no surprise that homes in London and the South East are taking the longest to sell. This is thought to be thanks to high house prices.
‘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,’ says Colby Short, Founder and CEO of GetAgent.co.uk.
‘However, with current market condition plagued by uncertainty, it’s interesting to see that the time taking to sell is actually taking the longest at the buyer finding stage,’ he adds.
Even though, houses are selling at break neck speed post lockdown. If you’re planning to sell up anytime soon, you should still prepare for a 5-month wait till you can finally hand over those keys.