Property expert reveals how to speed up a house sale this summer
Here’s what you need to know
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Your support makes all the difference.The summer can be a tricky time to push a house sale through, with the school holidays causing distractions for both buyers and sellers.
There have been signs of the housing market picking up recently though, with HM Revenue and Customs (HMRC) figures recently showing UK house sales increased for the fifth month in a row in May. Many banks have also been chopping their mortgage rates in recent weeks, which could help attract more people into the market.
However, the lengthy time to complete a sale after finding a buyer remains a challenge for property professionals, as well as for those looking to make the jump into a new home. Property website Rightmove recently reported that the average time between agreeing a sale and legal completion is a painful five months.
In total, it has been taking over seven months on average from a seller coming to market to completing their move – meaning some would-be movers could be ringing in the new year before they settle into their new property.
While no one can predict every bump in the road during a house sale, there may be some steps both buyers and sellers can take to help make things run more smoothly.
Tim Bannister, Rightmove’s property expert, has some suggestions…
1. Putting your home on the market? Make sure you present it as strongly as possible
“People make judgements really quickly, so it’s important that you take the time to make a great first impression when you come to market,” says Bannister. “Making your home look tidy for the photos can make a really big difference when trying to capture someone’s attention.
“It’s also important you let your estate agent know all of the key selling points and interesting or unique features of your home, such as energy efficiency features, so they can be sure to point them out on viewings or include them in the property description.”
2. Get the price right
Pitching your home at the right price first time can really help to attract buyers’ interest. Bannister says: “Working with your local estate agent to get the price right for the property you are selling as soon as you come to market, is one way to help speed through a sale as quickly as possible.
“We know from our data that homes that do not require a reduction in asking price after they have come to market, take around a third of the time to find a buyer as homes that do need to be reduced in price.”
3. Misjudged the mood of the market? Don’t dither if you’ve got the asking price wrong
Sometimes, sellers are put in a position where they need to reduce their asking price to find a buyer.
“To minimise the additional time needed to find a buyer, sellers should reduce their asking price sooner rather than later and aim for one meaningful price reduction over several smaller ones,” says Bannister. “Reducing the price in the first week, rather than after a month, can add significantly less waiting time to find a buyer.”
4. Be flexible with viewings
Bannister says: “Being as flexible as possible with viewing times means your estate agent can offer more slots to potential buyers, and most likely organise more viewings – increasing your chances of finding a buyer. People lead busy lives and it can be tough to schedule viewings around work and wider life, but making sure your home is ready for visitors and being as flexible as possible can make a real difference.”
5. Choose the right conveyancer
A conveyancer helps the process of transferring a property from one person to another to go smoothly. Bannister suggests: “Line up the conveyancer you want to use early, even before you start looking for your property. Your conveyancer will handle the legal aspects of a home sale or purchase for you, so it is important to choose the right one, particularly if speed is of the essence.
“Asking friends, family, or your estate agent for recommendations is a good place to start, and it’s always a good idea to speak to at least three about their services and for a quote before deciding which one to go with.”
6. Get your paperwork in order and focus on the key decisions
“Whether you’re selling, buying, or both, there are lots of documents you’ll have to fill out on your moving journey,” says Bannister. He says completing paperwork in a timely way “will keep the process moving along”.
Some people may have reasons why they need the sale to go through by a particular date – perhaps due to a new job starting or because of pressing family issues.
Bannister adds that if you’re planning on getting a survey done or have a particular idea of when you’d like to move into your new home, “it’s best to make this clear as early as possible so everyone is on the same page”.
7. Keep the lines of communication open
There are a lot of stages in the home buying and selling process, so it’s important to work closely alongside the property professionals involved in helping you to move. Bannister says: “As well as completing any actions required quickly, keeping up good levels of communication with all parties involved can make sure that the process keeps moving forward.”