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How long does it take to sell a property? Sat, 12 Oct 2013 11:56

 

Recent research conducted by Home.co.uk has identified several areas in the U.K. where properties sell very quickly.

The research incorporated in excess of 634,000 data points and revealed that homes can sell in as little as 20 days in high demand areas, with these hotspots (perhaps unsurprisingly) being primarily located across London and the south of England.

In Greater London, the top five spots go to: 

  1. N5 (Highbury), where homes are sold in 20 days on average.
  2. SM5 (Carshalton), also at 20 days.
  3. E17 (Walthamstow) at 23 days.
  4. TW2 (Twickenham) again at 23 days.
  5. E8 (Hackney) at 24 days.

 Elsewhere in the UK , the top five spots are filled by:

  1. BS3 ( Bristol) at 20 days.
  2. CB1 ( Cambridge), again at 20 days.
  3. CB3 ( Cambridge) at 23 days.
  4. CB4 ( Cambridge), also at 23 days.
  5. MK12 ( Milton Keynes) at 23 days.

 Of course, there are still marked regional variations (the north of England fares worse, for example, with some areas reporting average selling times of 200 days or more).

There are multiple reasons why a property may not sell quickly though and these start during the marketing phase, and can also impact during the conveyancing phase.

These issues include:

  • Poor marketing of the property.
  • Over-priced in the market place.
  • The property is badly presented for viewings.
  • The property has issues that turn prospective buyers off.
  • Solicitiors not communicating effectively.
  • Problems with missing paperwork or important documents.
  • Problems with instructing a valuation.
  • Problem property or defects which might make the property unmortgageable. 
  • The property is down-valued.
  • The mortgage surveyor could request a retention if works to the property are required. 
  • The vendor or buyer get cold feet or are not pro-active in supplying documents or responding at important milestones in the sales progression process.
  • The property is tenanted.
  • The buyer's mortgage offer falls through.
  • The property sale is part of a long chain.

These are just some of the issues that can impact on the time it takes to sell a property, and you may not have the advantage of being in a "hotspot" of high demand and speedy sales!

Furthermore, a property transaction can fall out of bed right up until the exchange of contracts, so it's not guaranteed until this important milestone has been reached.  Some transactions take months to get this far and then fail because the vendor has a change of heart or a better offer, as is very common in a rising market.

Selling houses for cash is growing in appeal as many sellers are put off by the time taken to complete a sale, which, according to Confused.com, has doubled over the last five years.

If a quick sale is desired, many vendors will turn to a buyer who can prove that they can complete quickly and/or make a cash offer.

Furthermore cash buyers like us are not in a chain, and therefore are not reliant on other transactions completing. We can buy your home in less than 7 days if a quick sale is required, however we offer complete flexibility on the timescales so they suit you, the home owner. 

Richard Hill, Founder of Dream House Buyer, comments:

"If you want a quick sale of your property, it's definitely worth speaking to us.

We are not reliant on mortgage offers or lender valuations, we're not in a chain, and we have a proven track record of completing property transactions quickly. We have bought many properties in less than 7 days. 

We make the house selling process as simple and pain free as possible, and will make you an immediate cash offer allowing you to move on. With our service, you do not have to endure sleepless nights wondering when your property is going to sell and/or complete.  There's no obligation in talking to us to see if we might be the right solution for you, and we appreciate that you might want to explore your options, and make an informed decision on how to sell your house, based on what is right for your personal circumstances.

We are always happy to chat informally to see if we can help and, as the business owner, I am committed to ensuring that you get a great experience when choosing to sell your house to our property buying company".

Find out why we are different to other quick sale house companies >>> here.

Dream House Buyer is a family owned company that considers all types of property, and we buy property with sitting tenants too. We will make an instant cash offer for any property in the UK, regardless of the size, location, condition or value.

We will buy any property that you might consider a problem - including property with sitting tenants, flats with short leases, problem tenants, unmortgageable and structurally damaged property.  We also buy ground rents and portfolios. If you think we can help, then please invite us to make you an immediate cash offer for your property.

Contact us on 0800 1577 497 or email us info@dreamhousebuyer.co.uk

 

 



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