Here’s how to avoid the property market backlog and sell before Christmas

Published by
James Lockett
September 14, 2020

The latest research by national home buying platform, Yes Homebuyers, has revealed that it’s bad news for UK home sellers with the target of moving home before Christmas.

Data from Yes Homebuyers shows that so far this year, the time it’s taking from an initial buyer enquiry until the completion of a property sale is 140 days on average. 

This is 10% longer than the time it took to complete in 2019 and since 2017, the time it’s taking to sell our homes has increased at an average rate of 4% a year. 

This gradual increase is due to the political uncertainty seen pretty much since the EU Referendum, with the current pandemic adding to these delays in 2020. 

The reopening of the market and the additional boost of a stamp duty holiday has caused an enormous influx of buyer demand, resulting in properties being snapped up at an incredible rate.

However, the broken cycle of selling a property in the UK is preventing many sellers from completing until months down the line. 

With Christmas just 101 days away, sellers looking to transact now are unlikely to see their sale complete until the start of February, at the earliest, as Matthew Cooper, Founder & Managing Director of Yes Homebuyers, explains:

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.

As a result, those looking for a quick sale now are facing a completion date of February at the earliest, although they can probably expect even longer sale times than this.

However, there are other options for sellers desperate to complete before the festive season.

Platforms such as Yes Homebuyers can facilitate a much faster-selling process and one that is tailored to a buyers requirements. 

Yes Homebuyers can guarantee a sale, the price they will pay for your home, as well as providing a concrete timeframe in which to complete. There are no agent fees or costs, no hidden charges, no contract or tie-ins, no property listings to create and list, and no laborious viewings to take care of. Yes Homebuyers also takes care of all legal fees involved in your sale. 

As a result, Yes Homebuyers has seen the average sale take just 30 days to complete from the point they are instructed by a seller to make an offer on their property; some 110 days quicker than selling in the regular market. 

Opting for this route means you can sell now with your own tailored timeframe and complete in October or earlier, leaving plenty of time to prepare for Christmas without the additional stress of a sale hanging over your head. 

Cooper continued…

“In the current climate, many home sellers just want some certainty around their transaction, and this is something that the current property industry simply doesn’t offer.

Using Yes Homebuyers can not only provide a more concrete transaction time frame, but we also guarantee to buy your home at the price we quote with no hidden charges or backhanded tactics; just a fair, transparent process with a quick sale at the forefront of what we do. 

While our time to complete is as short as 30 days for the average seller using our platform, we work to tailored time frames to suit each seller and their personal situation. Our quickest sale to date has completed within six days of instructing us, but at the same time, some sellers prefer a longer period to get their ducks in a row and this is also something we can facilitate with ease.

Of course, you may secure a few thousand pounds more going down the traditional selling route, but this involves months of back and forth with multiple parties, legal backlogs and estate agents that do very little for the high fees they charge.”

What’s the catch? 

There really is no catch other than the marginally reduced price we offer in comparison to the market price, but it’s a price we guarantee to deliver while covering all your legal costs as well.

As always, research is vital. Whether you’re selling via a buying platform or with a traditional estate agent, read the small print. There are tons of great, transparent agents on the market, but some are incredibly crafty, and the same goes for buying platforms. Some buying platforms will offer a price only to reduce it days before completion, and this is something you need to watch out for.

Don’t be afraid to ask questions to cover all bases and know precisely where you stand, what you will be charged and what service and time frame you can expect.


Data

Time to complete in 2020 (Source: Yes Homebuyers)

Type

Average time to complete (days)

Difference

Days to Christmas (15th Sept 2020)

Expected completion date (based on averages)

General market/agent

140

-79% (110 days)

101

2nd February 2020

Yes Homebuyers

30

15th October 2020

Average time to complete in the general market = Date of property listing going live to sale completion.

Average time to complete with Yes homebuyers = Date of offer request to completion as no property listing is required.

Average number of days and annual change in time to complete on a sale across the overall market

General market

2017 Time to complete (days)

2018 Time to complete (days)

2019 Time to complete (days)

2020 Time to complete (days)

Average Annual Change (2017-2020)

Average time to complete (Days)

124

118

127

140

4%

Annual Change (%)

-5%

8%

10%

Notes to editors

  • Data on current times to complete in 2020 and historical changes for Yes Homebuyers sourced from Yes Homebuyers platform. 
  • Data on change across the wider market in 2017, 2018 and 2019 sourced from GetAgent.co.uk.
  • Yes Homebuyers buys your home directly from you so you don’t have to wait around to find a buyer on the regular market. 
  • They offer flexible timeframes to suit you and on average, complete a sale within 30 days. 
  • Yes Homebuyers quickest completed sale came within six days. 
  • They guarantee the price they will pay, unlike some buying platforms who reduce their offer shortly before completion.
  • There are no fees or costs involved and Yes Homebuyers covers all legal fees involved.
  • There are no contracts or tie-ins, even if you accept an offer and no viewings to take care of.
  • Matthew Cooper has an extensive knowledge of the market having worked in mortgage lender asset management prior to starting Yes Homebuyers.

Contact James for more information

James Lockett - Head of PR

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