According to new research, many people underestimate the length of time it takes to sell their house.
48% of those surveyed thought that they would be able to sell their house relatively quickly within three months.
The reality is different though, according to the National Association of Estate Agents. Its figures show that a fast house sale is not always possible through an estate agent, with the average time taken to sell your house around 16 weeks.
This has improved recently though – six months ago, the average house sale took 17 weeks from instruction to completion.
The national average is skewed slightly by the figures from the London area and the South East in both areas people are able to sell their houses quickly due to the huge demand for property.
This means that property sales outside these areas aren’t so quick, and may often take longer than the 16 week average.
According to NAEA statistics for 2007, on average 43% of house sales are agreed relatively quickly, within one month of the property being put on sale. However, there is often a delay in completion of the sale, with 48% of completions taking a further two or three months.
For 13% of house sellers, the process is even more drawn out taking between three and four months to complete after the initial agreement. This can be stressful for sellers as, until the deal is complete, the buyer could pull out at any time and leave them back at square one.
The NAEA stats revealed that nearly 9% of sales fell through in November 2006, and 7% for December.
If you can’t afford to wait the average of 16 weeks to sell your house, and want a fast house sale, there is always the option of using a property cash buyer, who will can agree and complete your house sale in a fraction of the time taken by an estate agent.