Properties now taking seven months to sell, warns Rightmove

Although asking prices have surged due to pent-up demand and a robust spring season, it still takes around seven months to sell a property from listing to completion. Vendors aiming to sell their homes before Christmas should engage an agent now, as the average time between listing and completion is approximately seven months, according to Rightmove's House Price Index released today.

The average price of properties entering the market has reached a record high of £375,131, increasing by 0.8% (£2,807). This rise is primarily driven by the top-of-the-ladder sector, where average prices have increased by 1.3% compared to last year.

The number of sales agreed in the first four months of the year is 17% higher than the previous year, surpassing the 12% increase in new sellers entering the market. However, despite the surge in asking prices due to pent-up demand and a strong spring selling season, it still takes over seven months from listing to completion. Therefore, those wishing to celebrate Christmas in a new home should list their properties now.

We have five top tips to maximise the chance of selling your property quickly:

Price Your Property Competitively – This can attract more interest, and buyers may be more willing to meet your asking price and make a quicker offer.

Declutter – Clear out any items that you no longer want and tidy away any personal belongings to create a clean and tidy environment.

Carry Out Minor Repairs – Making minor repairs can make your home look move-in ready. For example, touch up any scuffs on the paintwork to give it a fresh look.

Lighting – Ensure your house is filled with as much natural light as possible by opening curtains and blinds to create a bright and welcoming atmosphere.

Pleasant Aroma – We recommend having a nice scent in your home to leave a lasting impression on viewers. The top three scents are citrus, cinnamon, and fresh linen.

Once we have completed our due diligence checks on your buyer, we will then issue the memorandum of sale (written confirmation with essential details of the property transaction) to yourself, your solicitor, your buyer, and their solicitor.

You will then receive paperwork from your solicitor to fill out, including the property information form and a fixtures and fittings form. When you have returned your paperwork, your solicitor will write to the buyers’ solicitors with the draft contracts.

When the buyer’s solicitor has received the draft contracts, they will carry out a title check and then apply for searches (the three main ones being the local search, environmental search, and water and drainage search). The local search tends to take longer to come back than the other two. Solicitors may sometimes choose to raise initial enquiries whilst the searches are outstanding, but other solicitors may choose to raise enquiries together once the searches are back.

If your buyer is getting a mortgage, then a mortgage valuation may take place, and a mortgage offer is usually issued within seven working days – provided everything is in order. Sometimes, buyers opt for a more in-depth survey (Level 1 Condition Survey, Level 2 Homebuyers Survey, or Level 3 Building Survey) to check the property’s condition and structure.

As soon as the searches are back, the mortgage offer is in, and enquiries are satisfied, both sets of solicitors will send a copy of the contract for you both to sign. A completion date will then be mutually agreed upon by you and the buyer.

Once a date is agreed, the buyer’s solicitor will request deposit monies from the buyer, as well as mortgage monies from the lender, to enable them to exchange contracts. The solicitors will then contact you and your buyer to ask for authority to exchange contracts to legally bind the sale. When the exchange has taken place, the completion date is set in stone, and as soon as the completion date arrives, your buyer will become the new legal owner once your solicitor receives the money.

If you are looking to sell your home or searching for a new one, please get in touch with us; we would be delighted to help!