How long does it take to move in 2022?
If you’re thinking of moving, chances are you’ve pictured yourself in your new home in time by the end of the year. And the good news is, based on the average time it takes to buy a home, there’s still time to get in your new home before Christmas if you start your search now. Get a solicitor quote today.
Why does moving home taking so long at the moment?
Time is the most precious commodity we have. The excruciating amount of time it takes to get from offer to exchange is a prime example. It should take around 12-16 for the average transaction. But it can currently take over 20. That’s nearly 5 months between offer and completion
The situation was made worse by the stamp duty holiday bottleneck, where the average time it took to complete a purchase rose by a month. Things haven’t exactly become faster since.This is a big problem for people everywhere, especially as homes are taking just 5 weeks on average to find a buyer due to the shortage of stock.
From the time a home is considered as sale agreed, it currently takes 150 days on average to reach completion day. This is 50 days longer than during the same period in 2019.With so many people looking to move right now, conveyancing is taking much longer than usual. Now there are more than half a million homes sold subject to contract, with buyers patiently awaiting completion. This is 44% more than in 2019.
While there’s been a slight easing in buyer demand since last month, this isn’t enough to ease the delays currently being experienced. With lots of people still wanting to move, estate agents are still looking for buyers who are likely to result in a sale going through as quickly as possible (such as cash or first time buyers). Oliver Gill, of Kirkham Property in Oldham, told Rightmove:
“Short chains with good estate agents progressing them is certainly what we look for when negotiating with multiple buyers these days. My expectation of the near future is that things will continue as they are for the coming months. There are simply too many buyers wanting to purchase.”
Get a solicitor quote today and put yourself a step ahead.
Could I Move Before The New Year?
If you have both a home to sell and one to buy, Rightmove’s property expert Tim Bannister says one thing you should do is get your home on the market before looking for your next place.
Tim says: “Existing homeowners looking to buy again will still need to put themselves in the best possible position to secure their next home in this strong market by making sure they find a buyer for their current property before looking for their next home. This is all the more important for those hoping to complete the process as quickly as possible and enjoy Christmas in a new home this year”.
And whether you’re buying a home, selling a home, or both, there are things you can do to try and prevent any delays:
Make sure you have a Mortgage in Principle before you go on viewings. The seller’s estate agent will want proof from a lender that you are able to get a mortgage, and that you have the funds to cover a deposit.
Let your conveyancer know as early as possible if you need answers to important questions, and press for regular updates on how the sale is going. You can also tell them when you’d ideally like to exchange and complete, so all parties have a date to work towards.