From Sign to Sold: The Real Timeline of Buying or Selling a Home
1. How long does it take to buy a home?
On average, the process of buying a home in the UK can take between 8 to 12 weeks from making an offer to completing the sale. However, this timeline can be affected by factors such as the type of property, the area, and whether or not the buyer is in a chain.
A. Offer to Exchange: Once you make an offer and it’s accepted, the process of securing a mortgage, conducting surveys, and completing legal checks begins. This usually takes 4 to 6 weeks.
B. Exchange to Completion: After the exchange of contracts, it typically takes around 1 to 2 weeks to complete the sale and hand over the keys.
If there are complications, such as delays in paperwork or if you’re buying in a chain, it can take longer. For first-time buyers, the process may be slightly quicker, as they often don’t have a property to sell.
2. How long does it take to sell a home?
Selling a home can be quicker than buying, especially if the property is in high demand and priced appropriately. On average, it takes between 8 and 10 weeks to sell a property, although this can vary. The timeline includes:
A. Listing to Offer: Once your home is listed, it may take 1 to 4 weeks to receive an offer, depending on market conditions and buyer interest.
B. Offer to Exchange: Once an offer is accepted, the legal work and negotiations begin. This part of the process can take around 4 to 6 weeks.
If you’re selling in a busy market, you may receive multiple offers quickly, while a slow market or complex property issues can cause delays.
In conclusion, while buying and selling a home may take several weeks or months, staying organised and prepared can help you navigate the process smoothly.
