The time to progress from the sale of a property to completion is now 17 weeks, which is the lowest in the last 12 months.
The average time taken for a homemover to move into a new property from putting it up for sale is now 20 weeks.
Pre-pandemic the duration was 18 weeks, and we are once again getting close to this milestone.
Good news is a rarity at present, however, for homemovers, we have some welcome news for you.
In summary, the time taken to sell a home has fallen dramatically in July 2022. We will explore this in more detail after we take you through a couple of definitions to ensure that we are all on the same page.
Definitions
- We refer to the following terms with the following meanings:
- Time to sell – will mean the time from advertising a property for sale to getting a sale agreed on the property.
- Time to progress – will mean the time it takes to progress the property from getting a sale agreed to moving in.
- Time to Progress
The great news is that the time to progress the sale of a property fell by 13% in July 2022, when compared to June 2022. In addition, from the data that we can see at present, it looks like August 2022 will maintain this fall.
A chart containing the average (mean) time to progress for the last twelve months is below:
The time to progress in July was 123 days (or 17.6 weeks or 4 months) and as you can see from the chart above, this is the lowest time since July 2021.
Note that pre-pandemic (July 2019), the time to progress was 91 days (13 weeks or 3 months).
Time to Sell
Further good news is the time to sell the average property in July 2022 was a median of 19 days, which was unchanged from June 2022. I know everyone forgets their early maths days and that some of you wish that we could leave them behind forever, so to re-word this, this means that 50% of all properties that came to the market (that then have a sale agreed) had a sale agreed within 19 days.
So overall, this now makes the total time to sell and move into a property 142 days (which is of course 20 weeks or 4.7 months).
Pre-pandemic (July 2019), the time to sell was much larger at a median of 37 days. This makes the total time to move in July 2019 of 128 days (18 weeks or 4.2 months).
So, although we are not quite at pre-pandemic levels just yet, 20 weeks total time to move into a new average UK property is welcome news.
Editorial and credit goes to: FIA and Twenty CI
