PUBLISHED: 11:38, Wed, Sep 16, 2020 | UPDATED: 11:39, Wed, Sep 16, 2020
Purchasing and selling a home can take several months until the process is complete. This is because there are numerous factors that can cause delays like how long the chain is, delays in conducting searches and differences in valuations. In order to sell a property, sellers must do their research in how to do so including who to market their property with because of the influx in buyer demand due to the stamp duty holiday.
The latest research by national home buying platform, Yes Homebuyers, has revealed that it’s bad news for UK home sellers who wish to be moved out of their home by Christmas.
The data shows that so far this year, the time it’s taking from an initial buyer enquiry until the property completion is around 140 days.
This equates to over four months in the process which can be draining for those who want to move out fast.
This is 10 percent longer than the time it took to complete last year with the increase in home selling rising four percent on average each year.
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On average, it takes 140 days for a property completion (Image: Getty)
So why is this and is there anything you can do to speed up the process?
The reopening of the market with the additional stamp duty holiday has resulted in a huge influx of buyer demand, resulting in properties being purchased at a fast rate.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers explained: “UK home sellers have been suffering at the hands of an archaic selling process for as long as we’ve been selling homes, with the process taking far longer than it needs to.
“Recent lockdown restrictions, reduced workforces and an influx of demand have also caused estate agents, conveyancers and solicitors to become overwhelmed, and this is causing huge backlogs, particularly at the legal stage once an offer is accepted.
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“As a result, those looking for a