Homes could lose thousands in value after weeks on the market
- Homes sold in 10-11 days typically achieve the best price
- The speed of a house sale can make (or cost) sellers thousands
- Homes sold after 1 month achieve 98% of asking price, dropping to 95.5% at the 2-3 month mark – costing homeowners more than £12,000 off an averagely priced property
11 days is the optimum length of time for a property to be listed on the market in order for it to achieve the maximum sale price, according to analysis from HomeOwners Alliance’s Best Estate Agent Finder.[1]
Agents with an average selling time of 11 days achieve 100.4% of the asking price (raising an extra £1,000 on an average priced property). By contrast, selling too quickly can also be costly. Properties sold within seven days or less achieved just 94% of the asking price, leaving sellers almost £16,000 worse off on an averagely priced home.
Data from 6,000 estate agent branches across the UK reveals a clear pattern:
- After 30 days on the market, sellers typically have to settle for less, accepting 98% of their asking price
- After 90 days (three months), the situation gets worse for sellers, typically accepting 95.5% of their asking price.
With the average UK home now selling for around £270,000, these percentage differences quickly add up.
- A home sold after one month typically loses £5,400
- After three months, that loss rises to around £18,400
Commenting on the data, Paula Higgins, founder and Chief Executive of HomeOwners Alliance says, “Right now every pound matters to homeowners. Our data shows there is a sweet spot when selling a home and that is around 11 days. Sell too fast and you leave money on the table. Let it drag on over a month and buyers start knocking thousands off the price.”
“This isn’t about rushing a sale, it’s about choosing the right agent. The agents who consistently sell in around 11 days are the ones achieving the best prices. When a home sits on the market for weeks, it is often a sign something needs to change. You can see how quickly homes like yours are sold by your local estate agents using our Best Estate Agent Finder.
[1] 11 days is from day of listing to SSTC (sold subject to contract)
Our top tips for homeowners looking to sell on the all important 11th day:
To find the best estate agents in your area, head to our Best Estate Agent Finder
1. Appoint a great estate agent
A good starting point is finding an agent from our Best Estate Agent Finder, which ranks your local agents by how successful they are at selling quickly and securing the asking price.
2. Get your price right
The average asking price for a UK home fell by -0.1% over the last year according to Rightmove’s September House Price Index report. This shows sellers are trying to get it right first time in light of a hesitant housing market. Find out how in our guide, What price should I sell my house for?
3. Instruct your conveyancing solicitor early
Choose your conveyancing solicitor early, as soon as you decide to list your home, and start pulling paperwork together now if you want to secure a quick sale. Flag up any potential issues now, rather than letting the vendor discover them.
4. Get your house ready for sale
If there are any issues that might come up in a survey and delay the move, consider fixing them now. Energy efficiency improvements are going to be more of a selling point this year and getting an EPC early in the process will give you an advantage.
5. Choose the right buyer
Everyone wants to get the best price, but if you want to sell quickly as well, then opt for a chain-free buyer who isn’t relying on selling their home to buy yours. Read more about the different types of buyers.
If you want more information on selling your property our Step by Step Guide to Selling takes you through every stage of the process, from start to finish, to help you plan ahead.
