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Average time to sell a home hits fastest rate for seven years

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Written by: Anna Sagar
11/10/2022
The average time to sell a residential property in 2021 was the fastest for seven years, at just 52 days.

This compares to the seven-year average of 63 days and the trend of speedy selling is set to continue into 2022, according to research from HomeOwners Alliance.

It said that timescales have fluctuated over the past seven years, ranging from lows of 58 days in 2017 to highs of 73 days in 2020.

In 2021 there was also a lot of variation, with timescales ranging from 43 to 59 days throughout the year. The slowest months were in February and March, while the fastest months were in November and December.

The alliance said this was likely due to a shortage of homes for sale as well as heightened demand caused by the stamp duty holiday and race for space.

It added that the best ways to ensure a quick sale was to appoint a good estate agent, set up solicitor contact, get your house ready for sale, let estate agents lead viewings and choose the right buyer.

Paula Higgins, chief executive of HomeOwners Alliance, said: “The speed of sale in 2021 and year to date 2022 has been much faster than in recent years. This is likely due to a shortage of homes for sale.

“Still, to agree a sale by Christmas, you need to list your home by November at the latest. Homeowners worried about rising mortgage rates may wish to make their planned move sooner rather than later and take advantage of the stamp duty cuts announced.”

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