If you’re in the process of buying or selling a house in the UK, you may be wondering how long a property typically stays under offer.
Below, we will discuss, the factors that can affect how long a house stays under offer, and how long it usually takes from the point of being under offer to the property being sold.
What are the factors that affect how long a house stays under offer in the UK?
The length of time a house stays under offer can vary depending on a number of factors. Some of the key factors that can affect how long a property stays under offer include:
The state of the property market
The current state of the property market can have a significant impact on how long a house stays under offer. In a strong seller’s market, where there is high demand for properties and limited supply, houses can sell quickly and may not stay under offer for very long. However, in a buyer’s market, where there is a greater supply of properties than demand, houses may stay under offer for longer periods of time.
The location of the property
The location of the property can also play a role in how long it stays under offer. Properties in highly sought-after locations, such as city centres or desirable suburbs, may sell quickly and stay under offer for shorter periods of time. Properties in less desirable locations, or in areas with lower demand, may stay under offer for longer periods.
The condition and price of the property
The condition and price of the property can also affect how long it stays under offer. Properties that are priced competitively and are in good condition are more likely to attract buyers and sell quickly, while properties that are overpriced or in poor condition may stay under offer for longer periods of time.
How long from under offer to “sold”?
Once a property is under offer, the length of time it takes to complete the sale can vary. In general, it can take anywhere from a few weeks to a few months from the point of being under offer to the property being sold. The length of time can depend on a number of factors, including:
The type of sale
The type of sale can impact how long it takes for a property to complete the sale. For example, if the property is being sold through a cash sale, the process may be quicker and completed in a matter of weeks. However, if the sale involves a mortgage, the process can take longer due to the time required for mortgage approval and conveyancing.
The complexity of the sale
The complexity of the sale can also affect how long it takes to complete. If there are any issues that need to be resolved, such as legal or financial issues, this can delay the completion process.
The speed of the parties involved
The speed at which the parties involved in the sale move can also impact how long it takes for the property to be sold. If all parties are working quickly and efficiently, the process can be completed in a shorter amount of time. However, if any party is slow to respond or take action, this can delay the process.
The length of time that a house stays under offer in the UK can vary widely based on several factors, including the state of the property market, location, and condition of the property. However, in general, a house can stay under offer for anywhere from a few days to several months.
It is important to keep these factors in mind when buying or selling a property and to work with a reputable estate agent and have all necessary documents in order to ensure a smooth and efficient process.