Whilst it can be hours, it can take up to 14 weeks or even longer. If it's taking too long (only you can decide what is “too long” for you) you and your agent can go back to the drawing board to decide what to do next, which could be taking it off the market for a while, or decreasing the price a little.
Short chains or chain-free transactions take four to six weeks to complete the conveyancing process. This article will explore why buying or selling with no chain is faster.
Despite the property market beginning to show signs of recovery it still may be worth holding off before selling your house. Sales are expected to fall by 4pc this year, according to estate agency Savills, before rebounding in 2024 and remaining broadly flat until 2027.
The Office for Budget Responsibility predicts prices to fall by 9% between the end of 2022 and 2024, providing confidence for buyers looking to invest in 2023. This time of year is especially beneficial for those looking to snag a cheap property due to the limited demand for houses during the winter months.
Figures from the estate agency Hamptons show that in October 2021, the average home sat on the market for 28 days before being sold. In 2022, this increased to 45 days and this year, homes are taking 60 days to sell on average.
The property market slowed for much of 2023 as sellers struggled to attract buyers who have seen their purchasing power reduced by higher mortgage rates but it could be set to enter a busy period.
The slowest months for real estate can vary depending on the location and market conditions, but generally, the winter months, particularly January and February, tend to be slower in many areas.
Sellers are more likely to accept an offer from a cash buyer than someone who has yet to secure a mortgage. In the current market, banks are also becoming reluctant to offer mortgages. This could work in favour of cash buyers, as they do not have to wait for a lending decision and can purchase a property immediately.
House prices had continued to grow since Covid restrictions ended, with unemployment remaining low and demand for properties outweighing supply. But 2023 marked a change. Experts generally expect house prices to keep falling in 2024.
There are numerous signs that 2023 is going to be a brighter year for the housing market, offering a calmer outlook on housing prices and the economic climate. Before jumping to conclusions, it's worth noting that the change won't be instant.
Under the new Rightmove relisting rules, to get a completely new listing, you need to be completely offline with any estate agent (as your address is linked) for sales: 14 weeks (3.5 months) and lettings 14 days (2 weeks).
According to agents, this is the number one reason people are struggling to sell their homes. House prices have soared since the pandemic, with annual growth reaching up to 15 per cent at some points in 2021 and 2022.
Since 1999, April has been the best month to sell a house in the U.S. Although June has historically been the month with the highest sales price, April is the month when most of these home sellers put their homes on the market. This is based on data that SoldNest has analyzed from the National Association of Realtors.
Should you find a suitable buyer, a chain-free property transaction usually completes much quicker than a typical transaction. Some homeowners can complete their sales in as little as six weeks.
How long should conveyancing take with no chain involved? Usually, the smaller the chain, the less likely there will be a delay as there aren't too many buyers and sellers involved. Without a chain, you could complete in as little as four weeks, although 12 is the average, even when it's just a straightforward sale.
No chain sales progress much faster given the simpler conveyancing logistics. Research indicates chain-free sales complete on average 1-2 months quicker. With fewer steps to coordinate and no other transactions to interlink, the exchange of contracts and completion happen more rapidly.
The UK economy towards the end of 2023 is struggling, with the cost of living and high mortgage rates causing the housing market to slow down and house prices to start falling. It's been predicted by Zoopla that house prices are expected to fall by 2% in 2024, with mortgage rates also expected to fall.
It was estimated that house prices would drop by 5% in 2023, and are expected to drop further in 2024. At the moment, the most recent data shows that house price growth is slowing down - in October 2023, house prices were -1.1% lower than a year ago, with the average UK house now costing £291,000.
Are houses selling? However, things are looking up. The recent 'Boxing Day bounce' was a big one: a record number of sellers put their property up for sale on Boxing Day 2023, according to Rightmove; it saw a 26% jump in new seller listings compared to the previous record in 2022.
A cheeky offer is best defined as one that both the buyer and seller know is unreasonably undervalued given the property circumstances and market factors. It aims to boldly capitalise on a seller's urgency or naivety rather than representing a sincere starting point for negotiation.
There are a few key reasons sellers prefer to deal with cash buyers and if you find yourself in a position to be able to offer cash, it could be worth it if there is a lot of competition for a property. Higher chance of completion is likely with a cash house buyer.
Some sellers may prefer cash purchasers only because they can be faster and involve fewer complications as the buyers do not need to wait on mortgage approval.
After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold. Therefore, the average time it takes to sell a house is 55-70 days in the U.S.
In 2023, the average time on the market was 83 days, similar to 2022. In 2021, homes sat on the market for 71 days, with 22 days to get under contract and another 49 days to officially close.
Some homeowners opt to sell their house through a property auction. This is a good option if you want to sell your house quickly as completion dates are usually set for a month after the action itself. Similarly to the house buying company option, you can expect to receive about 75-85%.
