How long does it take to sell your house in London?
Truth is, “one size does not fit all” and often there is no logical explanation as to why a listed property did or did not sell at all. Experienced property sellers and buyers will tell you it’s all about “His majesty, your Luck”.
The typical London home was on the market for an average of 24 days, and it took the average home buyer 45 days to apply and close on a purchase loan. It takes around 2 months from listing to closing. 
What methods are there to sell a house in London?
Selling a house via an Estate agent
Selling your 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 around 5 months.
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.
Selling a house via Auction
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.
Selling a house via 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 SMHQ Network, 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.
Factors that play a part in the house selling process
There is no doubt one of the biggest factors will be the price of your property; get this right from the outset and you’ll have buyers queueing up. Alternatively, you may be looking at making price reductions to attract interest.
Finding the correct price for your property can be a tricky process but it must reflect accurately the property’s market value. This is where the expertise of an estate agent really plays a part.
One of the most influential factors when it comes to selling a home quickly is its location. It makes sense that if your home is in a desirable location or neighborhood, then buyers will be more willing to buy.
It’s for this reason why there is such a huge variation in the selling time between towns and cities with buyers, particularly attracted by:
- A desirable neighborhood
- Outstanding schools
- Low crime rates
- Green parks
There’s also an issue for those homes that are close to public transport, and you’ll need to appreciate that buyers will be less willing to move to an area with a pollution issue or high levels of crime.
One of the biggest influential factors when selling a home in London is down to the property’s condition.
Those homes that shine and sparkle will tend to sell much quicker because they attract buyers who are not interested in those homes that need work.
Most buyers will be attracted to those homes where they can visualize themselves living in and not in those homes that are cluttered and poorly maintained which makes them more difficult to sell.
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.