It’s one of the most stressful life experiences to go through, but how long does it really take to sell a house? In some ways this is a bit of a ‘how long is a piece of string,’ answer, but it does in part depend on other factors such as the location and popularity, plus the method you use to sell your property. If you’re debating which house sale method would be best for you, in this post we’re exploring the typical length of time different selling methods take, so you can find the best – and least stressful – method for you.
What methods are there to sell a house in London?
Three of the main methods available to sell a house in London include using an estate agent, selling at auction and using a property buying service.
How long does it take an estate agent to sell property?
Selling a house via an estate agent is probably the approach that sellers are most familiar with. Sadly it’s largely not an approach best known for its speed.
In fact, property selling data reveals that the average time it takes to sell a London house via an estate agent is approximately 159 days.
That equates to an average of 41 days for the property to be on the market, 90 days to exchange contracts and a further 28 days for completion to actually take place. And those figures are just an average – it’s not unusual for the process to take a lot longer, especially if you get stuck in a long property chain or experience a property chain breakdown.
Unless you’re lucky enough to find a cash buyer who has nothing to sell themselves, you’re reliant on fitting in with other people’s timescales and the speed (or lack of it) that their solicitors work at.
How long does it take an auction company to sell a property?
Selling a house via an auction can seem like a quicker alternative than using an estate agent, but it’s not necessarily a cheap or guaranteed option.
If you’re successful at selling a house via a property auction it could take, on average, six to 10 weeks to complete the sale.
In terms of costs, on average the cost of selling your house via an auction can be in the region of £1000 – 1200 plus VAT for your solicitor’s fees. Plus, you’ll need to pay an additional percentage of the value of your property to the auctioneer to cover their fees. This amount varies between auction houses but could, for example, be 2.5 – 3.5%.
It’s important to be aware that even if your house doesn’t sell at auction, you may still be liable to pay the auctioneers fees – which could result in you being out of pocket and back to the beginning with trying to sell your property.
How long does it take to sell a house if you use a property buying service?
If you choose to sell your house by taking advantage of the fuss-free and speedy property buying service, it’s possible to exchange contracts within 24 hours and sell your house within a week. This is by far the quickest house sell option available.
In fact, rather than being tied up with endless processes, if you use a sell house quickly service, the length of time it takes can be dependent on your individual requirements. If you need to sell quickly, established companies such as Molae Properties, can work around your needs and requirements and provide a tailored service that works for you.
What’s more, you’ll save money on extra costs too, as you won’t need to pay any extra or hidden fees. And as if that wasn’t good enough, they’ll even pay your solicitor fees for you too.
In conclusion, if you need to sell a house quickly, do your homework first. Don’t plump for the traditional estate agent method just because it’s the only approach you’re familiar with. There are other perfectly valid options available too and, if your circumstances demand that you need to move quickly, it’s very much worth exploring how they could help you.
If you’d like to find out more about how Molae Properties could help you sell your London house fast, get in touch today on 0800 634 5892 for a free, no-obligation price quote.