The average time to sell a property in 2023 is currently 65 days, which represents an increase of 50% year on year, according to new research from TwentyEA.
However, the 65 days it takes to sell a property today has reduced by 13% since 2019.
Time to exchange has increased slightly in the past year, but significantly since the pandemic.
The average time to exchange a property in 2023 is currently 139 days (or 4.6 months), indicating an increase on the prior year of nearly 5%.
Stuart Ducker, strategic solutions director of TwentyEA, commented: “From the data table, we can see that there is little relationship between price band and time to exchange. For example, in 2023, the time to exchange on a £1m plus property is only 10% longer than it is on a property less than £200,000.”
“The average time to exchange a property by region does vary. In Scotland, the average time to exchange in 2023 was only 105 days (or just over 3 months) – this is because they have a separate legal system. Northern Ireland is at the other end of the spectrum, with 175 days or 5.8 months. Regions in England range from 124 days in Yorkshire, to 155 days in the East of England.”
“There is a North South divide here with northern regions taking the least time, followed by the Midlands and the Southern regions take the longest time to exchange.”
If you need to sell your house fast, a “traditional” sale with an estate agent is unlikely to deliver the results you need. As demonstrated above, it can take months to sell on the open market.
Selling by the traditional method of auction offers a speedy and hassle-free alternative, with exchange taking place on the fall of the hammer and completion within the following 28 days. You’ll also avoid any property chain-related delays or disruptions that can occur when selling via the “traditional” private treaty route.
To find out more about selling at auction and for a free, no obligation valuation for your property, please get in touch with our Auction House Scotland team on 0141 339 4466.
Sources:
https://propertyindustryeye.com/average-length-of-time-to-sell-a-home-increases-50-year-on-year/
