Selling Your House: How Long Does It Really Take?
“What is the average time to sell a flat in London?” is a question we’re often asked. However, predicting the time it will take to sell your home is not an exact science. That’s because each property sale is different and is affected by factors such as location, property type, market trends, and even the time of year.
Some elements of the timeline for selling your house – such as the length and complexity of the property chain – will be out of your control, but other factors are easier to manage. When you understand how the sales process works, it becomes easier to estimate the timings involved.
House prices are not just subject to local variation – there are national (and even global) influences to consider. So, it may be helpful to start with what is going on in the property market.
Understanding the London property market
In 2022, a shortage of housing stock meant that many parts of London enjoyed a strong sellers’ market. Subsequently, as more properties became available and rising mortgage costs dampened demand, conditions changed. The current market direction favours buyers, meaning sellers may need to wait a little longer for the right offer.
Fortunately, recent cuts to the Bank of England’s base rate - which affects mortgage costs - have encouraged more buyers to come forward. A lower rate is helpful to anyone dependent on a mortgage. The Bank’s latest cut has taken the base rate down to 4.75 per cent from a high point of 5.25 per cent.
Wage growth has also helped to improve affordability. As more buyers enter the market, it is anticipated that London house prices will rise, with growth of 3 and 4 per cent predicted for 2025 and 2026. At the present time, however, the advantage is with sellers who price their properties realistically.
Valuation: the key to a successful sale
An accurate property valuation lies at the heart of every successful property sale. Most sellers will go online to research sold prices in their locality, but those prices don’t tell the whole story.
An experienced estate agent will base their valuation on a number of factors. These include the condition of your property, its location (often fine-tuned to its position in the street or apartment block), the level of buyer demand and market trends. Your estate agent in London will also have access to the most recent sold prices, which may have changed since HM Land Registry released its last dataset.
Homeowners naturally want to achieve the best value for their property, but pitch the price too high and your property may take longer to sell. Conversely, setting a price below market value might lead to a faster sale, but you will inevitably lose money.
Is your property market-ready?
A well-presented property attracts more buyers. Make a start with basic tasks such as fixing leaking taps, painting naturally dark rooms in a lighter colour and replacing stained kitchen worktops. At this time it’s also advisable to fix any underlying issues that might show up on a survey. Forty nine per cent of sales fall through when buyers withdraw due to red flags in a surveyor’s report.
The next step is to ‘stage’ your property in order to show it at its best. Declutter and remove large items of furniture to make the most of the available space. Hang mirrors to reflect natural light and add welcoming touches, such as a vase of flowers or a bowl of fresh fruit.
Careful marketing can hasten your chances of an early sale. So, work with your estate agent to create an effective strategy that will bring your property to the attention of the widest possible audience.
Estimate your timeline
On average, it takes 63 days (9 weeks) to find a buyer in London, but average figures aren’t always helpful when selling your particular property. If it is located in a sought-after area, you may get an offer within a few days. However, if it is in poor condition or considered unusual with ‘niche’ appeal, your home may prove slower to sell.
Once you have accepted an offer, the period between acceptance and completion is usually between 10 and 12 weeks. Once again, that’s an average figure: the actual length will depend on factors such as the buyer’s mortgage situation, conveyancers’ workload and the length of the sales chain. If unexpected obstacles are encountered, your estate agent should be ready to help, nudging all parties along to expedite the sales process.
For over thirty years, our agents have been working hard to help sellers achieve the best value in the shortest possible time frame, and we would love to hear from you.
Why not contact the friendly sales teams at our offices in Westminster, London Bridge or Kennington to arrange a no-obligation valuation?
