A survey has been conducted into how long it takes to sell properties in the UK – with the suggestion that some investors should use so-called ‘quick buy’ firms.
Typically such firms buy at substantially less than the asking prices typically attached to properties on the open market, but claim to have the advantage of completing sales much more quickly.
One such company – Open Property Group – says that for the first time since May 2020, UK property sales dropped below 30,000. In April 2024, the amount of properties sold across the UK was 32,690.
The average number of days taken to sell a property varies from place to place:
- Wales = 80 days
- London = 78 days
- East Midlands = 77 days
- South East 75 days
- East of England = 75 days
- South West = 74 days
- Yorkshire and the Humber = 71 days
- West Midlands = 71 days
- North West = 69 days
- North East = 62 days
- Scotland = 42 days
OPG claims that in the last 18 months, these are the reasons why investors and homeowners use its services:
- Get a quick property sale: 73%
- Release equity: 8%
- Landlords selling with sitting tenants: 5%
- Relocation: 4%
- Retirement planning: 4%
- Other: 4%
- Probate: 2%
An OPG spokesperson says: “Owners are increasingly looking for fast, reliable solutions in a challenging market. At Open Property Group, we’ve seen first-hand how our ability to purchase properties quickly has become invaluable. Whether it’s to release equity, relocate, or manage a buy-to-let portfolio, our services offer certainty and peace of mind that traditional sales methods often can’t match.
“For an extended period, mortgage rates remained at record lows, enabling prospective homebuyers to secure 10-year loans at interest rates below three percent. This period of affordability fuelled significant activity in the property market as buyers took advantage of the favourable conditions.
“However, recent economic shifts have led to increased borrowing costs, which have naturally impacted consumer sentiment. Higher mortgage rates have made financing more expensive, prompting many potential homebuyers to reconsider or delay their plans. This cautious approach has been especially pronounced as the financial climate has become less predictable, creating hesitation among buyers who might have otherwise entered the market confidently.”
