How long will it take to sell your home?

News at Waterfords | 12/10/2018

Properties across England and Wales have taken an average of two months to sell so far in 2018. The data, produced by Rightmove, shows the regional differences across England and Wales from the beginning of a property’s marketing launch on Rightmove to exchange.

How long a property takes to sell is dependent on a whole range of factors – the individual property price, it’s location, condition and the time of year it went on the market to name a few. Despite challenging property market conditions in many areas throughout 2018, nationally this figure is just one day longer than last year and is actually 10 days shorter than four years ago.

There are of course regional differences, at present properties are selling quickest across the Midlands – 49 days in the West Midlands and 54 days in the East Midlands, while properties across London and the North East are taking much longer to sell. 

In the South East the average time from a property ‘going live’ on Rightmove to exchanging is 63 days, the third longest period in England and Wales.

Whether you are selling your home or buying a property, Waterfords understand how frustrating it can be waiting for the transaction to exchange so we do everything in our power to minimise the stress for you. Recently we have launched a dedicated sales progression department to further improve customer service levels for both buyer and seller. 

The selling process

Selling your home is about so much more than simply finding the right buyer. In fact, this is only the beginning of the process. The majority of dealings with Waterfords or any estate agent you are selling your home through, will take place after you have had an offer accepted on your property.

Progressing the sale from offer accepted to completion is usually the longest and most intricate part of the process and can become the most stressful if it is not handled properly. Here is a guide to the Waterfords sales process:

Issuing the memorandum of sale

As soon as you accept an offer on your property, our highly training Property Administrators will begin to draw up the memorandum of sale – a document that confirms both buyer and seller have agreed to the transaction. At this point you will be introduced to our friendly and highly skilled Sales Progression Team.

Confirming solicitor details

Your solicitor will need to interact with your buyer’s solicitor throughout the process, so it is vital to ensure they are in touch and ready to proceed.

Checking the chain

A chain collapsing is one of the most common reasons for a property sale to fall through. Not all sales have a chain beyond seller and buyer, but if your buyer is selling a property or you are buying another, the additional links in the chain create more work in the process. Our dedicated Sales Progression Team contact all parties in the chain throughout the process to check they remain on track to exchange.

Managing the progress of key documents

Once the legal work with both solicitors is underway, the last thing we want is for delays to interrupt your property sale. Our Sales Progression Team do everything possible to keep the process on track by chasing up the release of draft contracts, local searches, plus enquiries from your buyer’s representatives.

Regular progress calls

We want you to be confident that your sale is constantly moving forward, which is why our dedicated Sales Progression Team is committed to catching up with all relevant parties on a regular basis and reporting what is happening within your sale directly to you.

Managing the day of exchange

Your exchange day is when all the loose ends are tied up, the completion day is confirmed, deposits are transferred and contracts are exchanged, legally binding you to the sale. Our Sales Progression Team will be on hand to deal with any last minute requirements and to give you the good news as soon as the exchange is confirmed.

Contact us for a free no obligation market appraisal of your property and be assured that if you decide to market your home with Waterfords, you will be looked after throughout the entire process and provided with the best customer care.

Customer Contact Centre: 01252 235348