How long can I expect it to take to move to a new home?
Nathan Walker, Sales Director, discusses how long it can take to get from an offer on a property being accepted to the purchase being fully completed...
Estimated reading time: 3 minutes.
It’s a question with a complex answer but wondering how long it’s going to take to finally move into a new home is something plenty of home buyers and sellers ponder.
There are many variables at play when it comes to figuring out how long it takes to move but according to the August 2022 House Price Index from Rightmove, the current average time is 136 days from an offer being accepted to completing the sale.
Of course, no two sales are ever the same and the variables come into play, so let’s take a closer look at the things that can influence the time it takes for your move to finally happen.
The time it takes for a home seller to respond to an offer
A seller can take as long as they like before responding to an offer - or at least for as long as the offer is on the table. They have to consider whether they want to accept, decline, or counter-offer, and though most sellers typically respond within a day or so, some may receive several offers if the property is popular among buyers which could drag things out a little longer. Remember, they have to consider not only the offered amount but also how likely the bidders are to successfully complete the purchase.
Market conditions
The average time it takes to get from an offer being accepted to the sale completing is constantly changing largely due to changing market conditions. With that said, general UK market conditions that are seeing sales complete far quicker than normal will still have sales that drag on due to property chains, conveyancing issues (or slow solicitor or local authority action and response times), differences between demand from area to area, and other parties involvement just to mention a few.
Read: Things to do before moving into a new house
Signing the contract and exchanging
The exchange usually completes very quickly after the signing of the contract - typically within a day - though this is heavily reliant on the conveyancing solicitors having made the contracts readily available to each other. It will also depend on the deposit being ready and in place for the exchange to complete and for the buyers new buildings insurance to be activated.
The exchange of contracts often takes place around midday, though this isn’t a given - it’s just what many conveyancers tend to prefer. At this point, the buyer has legally committed to the purchase of the property and full completion tends to happen within the following week or two. This is often a Friday afternoon as it gives the buyer the weekend to sort out moving in, though again, this will all be down to each party involved with the sale.
There may be cases where a buyer or seller may want to delay the completion for whatever reason, though this should all be agreed to prior to the exchange with a suitable completion date in mind.
Read: Things to reconsider with regards to moving day
Buying and selling a house can seem incredibly confusing for many, but fear not - our expert sales team at CPS Homes are here to help. Get in touch to find out more about our services and to see how we can assist with the sale or purchase of a property in Cardiff. Call us on 02920 668585, e-mail enquiries@cpshomes.co.uk or drop by and see us face to face in any of our three Cardiff based branches.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
