The length of time it takes to sell a property is a crucial indicator of the health of the property market. This metric can provide insight into supply and demand dynamics, the efficiency of estate agencies, and overall market confidence.
For Portsmouth homeowners and investors alike, understanding these trends can inform better decision-making. When properties sell quickly, it often reflects a strong market with high demand, whereas longer sale times might suggest a surplus of properties or decreased buyer interest.
Therefore, monitoring how long it takes to sell a property can help gauge the market’s performance and make informed decisions about buying or selling.
Average Time to Sell a Property in Portsmouth
Whether you are a Portsmouth landlord looking to liquidate your buy-to-let investment or a Portsmouth homeowner contemplating selling your home, understanding the latest market trends is crucial. Recent data from Q2 2024 provides valuable insights into how the Portsmouth property market has been performing.
Recent independent research indicates that of the 1,617 Portsmouth homes sold in Q2 2024, it has taken an average of 61 days to agree on a sale (Sold STC). This is an improvement from Q1 2024, where it took an average of 71 days.
However, not all properties sell in the same time frame. There is often quite a difference in selling times when we consider different price bands.
Performance by Portsmouth Price Bands
The time it took to find a buyer in Portsmouth in Q2 varied significantly by price band:
- Under £100k: 73 days
- £100k to £200k: 56 days
- £200k to £300k: 56 days
- £300k to £400k: 62 days
- £400k to £500k: 87 days
- £500k to £1m: 110 days
- £1m +: 410 days
As you can see, there is quite a difference between the Portsmouth house price bands.
In comparison, the UK average sale times for Q2 2024 are:
- Under £100k: 69 days
- £100k to £200k: 63 days
- £200k to £300k: 69 days
- £300k to £400k: 62 days
- £400k to £500k: 64 days
- £500k to £1m: 81 days
- £1m +: 92 days
Tips for Portsmouth Homeowners to Expedite Their Property Sale
If you’re a Portsmouth homeowner looking to sell your property quickly, there are several strategies you can employ to expedite the process:
- Choose the Best Portsmouth Estate Agent: Selecting a reputable Portsmouth estate agent with a proven track record is crucial. Ask potential agents how long it typically takes them to find a buyer. An experienced agent can provide insights and tips tailored to your specific situation.
- Ensure Your Portsmouth Home is a High-Quality Listing: Make sure your Portsmouth property is listed on all the major property portals. Professional photography and a well-crafted description can significantly impact how quickly your property garners interest. High-quality images, floor plans and detailed, accurate descriptions are vital in making your home stand out.
- Effective Marketing: Given the increased number of properties on the market (694,281 on the market now versus 432,238 two years ago), additional marketing efforts can make a significant difference. Consider extra marketing services offered by your estate agent, such as premium listings, video tours or social media promotions.
- Competitive Pricing: Price your property competitively. Overpricing can lead to longer times on the market, while a well-priced property can attract more immediate interest.
- Flexibility and Presentation: Be flexible with viewing times and ensure your property is always clean and presentable for potential buyers. First impressions are crucial, and a well-maintained property can expedite the sale process.
Tips for Portsmouth Landlords to Expedite Their Property Sale
If you’re considering selling your rental property, it’s important to weigh the pros and cons of keeping your tenants in place during the sale. In some instances, having a tenanted property can be advantageous. It appeals to investors seeking rental income from day one, and a well-maintained home with responsible tenants can showcase the property’s value. On the other hand, selling a property with tenants can pose challenges. Tenants may not cooperate with viewings or may not maintain the property in a presentable state, potentially deterring prospective buyers.
To determine the best approach for your specific situation, it’s crucial to consider factors such as the current market conditions, the nature of your tenancy agreement, and the type of buyers you aim to attract. For example, if the property is in a high-demand area with a robust rental market, keeping the tenants might be beneficial. However, if your target market is owner-occupiers, vacant possession might make the property more appealing.
We understand that this decision can be complex and dependent on various factors unique to your property. Therefore, we encourage you to give us a call so we can provide tailored advice based on a thorough evaluation of your Portsmouth rental property. Our expertise can help ensure you make the most informed decision, whether that involves selling with tenants in situ or opting for vacant possession.
Property Market Context
It is important to note that these statistics only relate to the properties that have successfully sold. Nationally, only about 53% of homes listed for sale in the last 12 months have ended up selling (ie exchanging contracts & completing). This means that nearly half of the properties on the market do not achieve a sale, often due to overpricing or poor marketing. As a leading property agent in Portsmouth, I am committed to providing you with the best advice and strategies to ensure your property stands out and sells quickly. By following these tips and leveraging my expertise, you can increase your chances of a successful and speedy sale.
Understanding and adapting to market conditions is key. With the right approach and the best professional advice, you can navigate the property market efficiently and achieve your selling goals.
