Six months and 24 days according to a research poll conducted by the virtual technology company, Matterport. They asked 2,000 UK homeowners questions to find out the average time it takes to buy a property from the point of browsing for a new home to completing the deal.
What takes the longest?
The research suggests that the stage of the process which takes the longest time is from offer agreed stage to exchange of contracts, taking an average of 5 months and 10 days to go through.
How long does it take to move home with Northfields?
Well, you’ll be pleased to know that we’ve been inspired to have a look at our own statistics to see how they compare. From the point of sale offer to exchanging contracts, our stats suggest that on average it takes just six weeks and three days from the point of sale offer to the exchange of contracts.
We know that as a buyer, once you set your heart on a home after your average of viewing more than 16 properties online and viewing your potential new home in the flesh multiple times, once you’ve had your offer accepted you want to keep the momentum going. Our stats show that we really do practice what we preach, so if you’re thinking of selling a property, purchasing a property, or both, you can be safe in the knowledge that we don’t mess around!
We’ve made the research into a handy timeline:
On average, buyers look at 16+ properties online in just under 20 hours.
Buyers take an average of four and a half days to make an offer on a property from their first viewing, often viewing a property multiple times with family or friends to help them decide.
Once an offer has been accepted, it takes on average a further 24 days in order to get a mortgage offer, and three more days to instruct a solicitor.
According to Matterport’s study, it takes around 5.34 months to exchange contracts.
From the point of contract exchange, it takes on average a further nine days until completion.