If you are considering moving to another house, or buying your first home, you may want to know how long the process will take.
Previously, the process has been measured from the point when a property has been placed on the market to when the house has actually been sold, which is currently around two months, according to Rightmove. However, there’s new research which measures the process from when a vendor obtains their online valuation of the property.
The new process accounts for time taken to decide to sell a property, find an estate agent and actually place their home on the market. The research has been conducted by the ValPal Network, specialists in lead generation for estate agents. The study looks at 4,100 estate agents who incorporate the online valuation tool.
The process started when the vendor used the online valuation tool, and ended when the property was marked as sold in Land Registry records, and used 54,000 completions. Between October 2016 and October 2017, it took an average of 201 days to move home.
Each step of the moving process can take a considerable period of time. For instance, from valuation to choosing an estate agent takes an average of 58 days, while arranging finance and conveyancing can take an average of 81 days.
While you are moving through the process, it is advisable to consult with a mortgage advisor, who has learned about the home moving process through the CeMAP training.
