Christmas is often a key date in the property calendar. The post-Christmas months of January, February and early March are very quiet for house selling, so estate agents and vendors are keen to get properties under offer by December 25.
New research from property advice website HomeOwners Alliance has found that, if Londoners want to be ‘Sold Subject To Contract’ by the time they tuck into their turkey and Brussel sprouts, they need to list their home this week — Thursday 16 October to be exact.
HomeOwners Alliance found that it takes Londoners an average of 65 days to sell a home, meaning mid-October is the cut-off point for a sale by December 19 which is the Friday before Christmas.
“With the leaves falling and Christmas ads already creeping onto our screens, it may feel early to mention the big day — but if moving home is on your wishlist, the clock is ticking. The last day for Londoners to list your property to be in with a chance of an agreed sale before Christmas is 16 October,” says Paula Higgins, Chief Executive of HomeOwnersAlliance. “That doesn’t mean you’ll be in your new home by the end of the year — there are still plenty of hoops and hurdles along the way, especially if you’re yet to find where you want to move to. But having a sale secured will put you in a strong position to plan your move in the New Year.”
The national outlook
It seems that Londoners need to be particularly patient when it comes to selling, especially when compared to other parts of the UK. In Northern Ireland, one of the most affordable parts of the UK, homes take just 32 days to be Sold STC, while the South West has the longest average sales time, taking 71 days, or well over two months. Like London, homes in Wales take 65 days to sell, while the commuter belt of the South East is marginally quicker at 64 days. Scotland famously has a slightly different property-buying process to the rest of the UK, and it seems to be paying off, as it takes just 35 days for a property to sell there.
When it comes to cities, London again fares poorly and is the second slowest place to sell a property in the country. Nottingham has the most sluggish market in the UK, with property sales here taking 66 days. Reflecting Scotland’s red-hot market, as well as its slightly different approach, Glasgow and Edinburgh were the top-performing UK cities, taking 22 and 27 days respectively to be Sold STC. Belfast also scored highly with homes selling in 32 days. Properties in Manchester, Liverpool, Leeds and Sheffield took 56, 53, 52 and 41 days respectively.
Five tips to speed up a sale by HomeOwners Alliance
1. Get your home sale-ready, fixing any issues that might come up in a buyer’s survey.
2. Instruct a conveyancing solicitor early and start pulling together any necessary paperwork before you’ve gone on the market.
3. Use a Best Estate Agent Finder tool to find a great local estate agent.
4. Set a realistic asking price. A local agent will be able to advise on what similar properties have sold for. Those with a track record of achieving asking price are most likely to give you a realistic valuation.
5. Where there’s a choice, opt for a chain-free buyer, who isn’t relying on selling their home to buy yours.
