Sluggish Progress in UK's Real Estate Sales Timeline
The UK's home-selling process has been a cause for concern, according to a report by Moverly, an organisation that works alongside estate agents to expedite home sales. The research, which compared the rate at which homes sell in the UK to 12 other nations, found that the UK has the slowest home-selling rate, with a property taking around 179 days (almost half a year) to go from listing to completion.
This is in stark contrast to the US, where the home-selling process is faster due to the adoption of streamlined and digitized conveyancing processes. In America, a property goes from listing to closing in just 53 days.
Gemma Young, CEO of Moverly, has offered advice on how to speed up the UK's home-selling process. She suggests streamlining and digitizing conveyancing processes as a means to reduce delays. By adopting tech solutions, the UK is capable of matching the speed of the US home-selling market.
One way to speed up the process is by selling to cash buyers or house-buying companies. These firms buy properties as-is, avoiding lengthy mortgage approvals. Their process can complete in as little as 7–14 days from offer to sale completion, with cash proceeds available the same or next day after completion. This contrasts with the traditional process, which typically takes 3 to 6 months.
Another option is selling at property auctions. Auctions offer legally binding sales often completed within about 4 to 8 weeks in total. The auction itself legally exchanges contracts quickly, speeding up the sale compared to conventional methods that rely on buyer mortgage approval and extended negotiation.
Additionally, using technology and workflow innovation can aid faster property sales progression. Some agents report saving significant time with app-enabled workflows that streamline buyer-seller communications and paperwork.
Preparing well and timing the sale are also key factors. Getting the home market-ready efficiently (repairs, cleaning, documentation) and listing during peak market times (late February to March) can reduce time on market and avoid stagnation.
By combining alternative sale routes like cash buyers and auctions with better preparation, market timing, and digital tools, the UK can meaningfully speed up its slow home-selling process relative to the other 11 nations surveyed by Moverly. The adoption of tech solutions by more agents and conveyancers in the UK is expected to improve the home-selling process significantly in a short period of time.
In conclusion, the UK home-selling market has room for improvement. By adopting the strategies proposed by Moverly, the UK can streamline its home-selling process, making it faster and more efficient for both homeowners and estate agents.
Investing in cash buyers or house-buying companies could potentially speed up the UK's housing-market, as their process, which includes buying properties as-is and avoiding lengthy mortgage approvals, can complete in as little as 7–14 days from offer to sale completion. Furthermore, using technology and workflow innovation could also aid faster property sales progression, with some agents reporting significant time savings through app-enabled workflows that streamline buyer-seller communications and paperwork.
