The average time to sell a house in the UK from start to finish is 170 days, equivalent to 24.3 weeks or 5.6 months from the first day of marketing to legal completion, whilst in Portsmouth it’s 177 days.
The actual time can vary depending on market conditions, location, property type, and pricing strategy, so in this article I delve deeper. Here is a breakdown of that 177 days.
Step 1 – Time to Accept an Offer:
On average, nationally, it takes 50 days (up from 43 days in 2022) to accept an offer on a property. This time starts with placing the property on the market, viewings, negotiating an offer and reaching an agreement with a potential buyer.
In Portsmouth, it is taking 49 days on average
to agree a sale on a property.
Again, the type of Portsmouth property makes a huge difference as well.
The best-performing type of property is a Portsmouth terraced house, which takes an average of 41 days to agree a sale, to the poorest-performing type of property, which are Portsmouth detached houses, which take an average of 68 days.
Step 2 – Time from Offer Acceptance to Completion:
Once an offer is accepted, over the last 12 months, it has taken an average of 120 days nationally for the sale to be completed. This period involves finalising the legal and financial aspects of the sale to the legal exchange of contracts, with legal completion a week or a fortnight later.
In Portsmouth, it is currently taking on average 128 days from the sale agreed to the sale being completed.
It’s important to note that these figures are based on averages and can vary depending on individual circumstances.
If you need to sell your Portsmouth house quickly, there are a few steps you can take to expedite the process.
There are many factors that can affect how long it takes to sell a house. The three major factors are:
- Your Asking Price: The price you ask in relation to similar Portsmouth properties on the market has the most significant impact. Overpricing can result in fewer viewers, meaning fewer buyers, while competitive pricing generates immediate interest. Look at properties that are similar to yours on the market at the moment. When searching the property portals, not only search for them in price order, search for them in how long they have been on the market. That will give you a fascinating insight into the current state of the property market for Portsmouth homes like yours.
- Buyers’ Market, Balanced Market or Sellers’ Market: The market condition, whether hot or cold, plays a significant role. In a hot market (sellers’ market), homes sell fast and pricing is not as sensitive, while in a cold market (buyers’ market), competitive pricing is crucial to avoid a prolonged time on the market with no chance of a sale.
- Quality of Solicitors: Agreeing a price/sale is only half the battle to getting you moved. Your solicitor’s efficiency can impact your sale’s progress. Choosing a responsive solicitor who cooperates with estate agents can help prevent delays. Again, we can suggest some excellent Portsmouth and regional solicitors that are experts in their field.
If you are considering a move in the next 6 to 12 months, now is the perfect time to start planning. Selling your Portsmouth home can be a complex process, but with the proper guidance, you can navigate it smoothly and efficiently. As experienced estate agents in Portsmouth, we understand the local market dynamics and have a track record of success.
Our team is well-versed in the factors that impact selling time, including the price asked and market conditions. We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. Their cooperation with us as estate agents helps prevent delays, ensuring a smooth progression from offer acceptance to completion.
By pricing your property competitively, we attract immediate interest from potential buyers. Our knowledge of the local Portsmouth market enables us to navigate buyer and seller markets effectively.
If you want to sell your Portsmouth home, we offer a no-obligation free appraisal to discuss your selling timescales. Our personalised advice and guidance are tailored to your situation, giving you the information you need to make informed decisions. Together, we can make your move a reality.
