New research undertaken by estate agent lead generation specialists, The ValPal Network, has revealed the average time it takes to move home in the UK.
Previous research on the home moving process only measures from when the property is ‘on the market’, which currently approximately 2 months is according to Rightmove. The new data takes the seller’s consideration period into account, including making the decision to sell and choosing an estate agent, giving a unique insight in to how long the whole moving process takes from start to finish.
The ValPal Network’s data analysis encompasses over 4,100 estate agents that use the instant online valuation tool, and has revealed that over the last year (October 2016- October 2017) it has taken on average 201 days to move. This figure has been measured across 54,000 completions, from the point at which someone values their home online to when it appears as sold on the Land Registry.
The research also shows that it takes on average 58 days from valuation for a vendor to choose an agent and get a property ‘on the market’, 62 days to sell, then around 81 days to arrange the conveyancing and finance.
Craig Vile, Director at the ValPal Network said, “Our data shows that on average the home moving process is speeding up and becoming more effective. Advances in technology have definitely played a role here. This is critical information for agents as it shows an important ‘window of opportunity’ from the point at which a vendor values their house and shows intent to sell and then chooses an agent.”
Analysis of home sales since 2015 shows that on average it is getting quicker to sell your home. Also 2016’s impressive figures could have been affected by the rush of buy-to-let investors and second home purchases looking to acquire property before the April introduction of a 3% stamp duty surcharge.
2015: average of 278 days
2016: average of 194 days