Landlords currently selling their buy-to-let and those thinking of exiting the market before the Renters’ Rights Bill takes effect may be bitterly disappointed by the time it takes to find a buyer.
A new study by Moverly set out to discover how long vendors will have to wait for a purchaser to be found. The result will worry those hoping to wrap up a quick property sale. In the last 12 months, there has been an almost 20% increase in the time it takes to find a buyer.
How long does it take to find a buyer?
Finding someone to purchase a property is just the first step in the sales process and it has grown longer this year. It took an average of 64.4 days between October 2023 and September 2024 for a buyer to be found. For comparison, it took just 53.9 days the previous year.
One of the key factors behind the extended timeframe is competition. The number of properties for sale in England has increased by almost 14% over the last year. The maths is simple – more available homes, less chance of securing a purchaser.
Factors that will make finding a buyer harder
- Flats with short leases (less than 80 years)
- Buy-to-lets with sitting tenants
- Properties in a state of disrepair
- A complicated leasehold situation
- Homes that have previously flooded
- Flats with high service charges
- Flats where the ground rent ‘doubles’ on a recurring basis
How long does it take between offer and completion?
Landlords hoping to sell property fast will also be disheartened by the current state of the transaction process beyond finding a buyer. When the Open Property Data Association (OPDA) questioned 5,000 people from across the UK (those who had bought or sold a property in the past five years), it found 57% assumed the process would take less than two months from when an offer was accepted to exchanging contracts.
What really happened provided a wake-up call for many. In reality, 46% found it took between 3 and 6 months to move from offer to completion, while 16% found this stage took more than 6 months.
The OPDA research followed analysis by Moverly in 2024 that found the UK had the unenviable reputation of being the slowest home selling country in the world. It found it takes an average of 179 days to go from listing to completion, while this took just 53 days in America.
How to reduce the entire process to 42 days
Sell to LandlordBuyer and the entire sale – from first conversation to completion - can be wrapped up in an average of 42 days.
Specialists in quick sales
We realise selling on the open market can be a frustrating, time-consuming process, so LandlordBuyer offers an alternative - a professional property purchasing service specifically for landlords. We’re here if you need to sell your house quickly, even if it has tenants in situ.
7 benefits to selling to LandlordBuyer:
- An instant buyer - no need to list your buy-to-let on the open market
- Sell mid tenancy – receive an offer on a tenanted property with no need to evict
- No viewings or marketing to the masses - start your sale with an offer right away
- Deal with a serious buyer - no time wasters or speculative buyers who may back out
- Reduce risk - no chain below to complicate or delay the sales process
- Deal with a cash buyer - no mortgage required for the ultimate in simplicity
- Legal ease – a purchase backed by conveyancers chosen for speed and efficiency
243.4 days versus 42 days – your choice
By our calculation, the average time taken from offer to completion stands at 243.4 days – just over 8 months! If you can’t wait that long to dispose of your buy-to-let or property portfolio, get in touch with LandlordBuyer or start a free online valuation now.