How long does it take to buy a house?

Despite calls to simplify the property buying and selling process from many industry experts (including ourselves), purchasing a property remains a long and arduous process.

Depending on your circumstances and the position of the seller, buying can take months in the UK and could take even longer if you’re selling and purchasing properties simultaneously. According to this recent research, buying a house in the UK takes a minimum of 18 weeks and that’s only if every aspect of the property buying process goes to plan – which it often doesn’t!

Here our specialists break down the average timescales of buying a home, delve deeper into what’s involved at each milestone, and offer top tips on how to make the process more efficient.

The property search – up to 12 weeks

Whilst on paper searching for the next place you’ll call home should be fun, it’s far from a walk in the park. With this in mind, it’s no wonder that the average buyer spends between 6 and 12 weeks searching for their perfect property.

Doing your research is the key to making your property search as exciting, efficient and successful as it should be as Boxnip explains:

“Call or email the most relevant estate agents. Register with them to receive information on properties for sale as well as new ones that come on the market. Keep in mind that estate agents have hundreds, if not thousands, of buyers on their books. Make it clear that you have done your research. Plus, you are committed to moving if you want to be at the top of the agents’ lists when a new property comes on the market.”

Securing a mortgage offer – up to 4 weeks

It takes between 2 and 4 weeks to receive the all-important mortgage offer required to progress with your purchase. But you should explore the mortgage types that are right for you before you begin your property search.

By researching the mortgage market and seeing which products you’ll be eligible for, you can gain a clear idea about how much you can lend, how much deposit to save, and the property price range you can explore.

Selecting your ideal mortgage provider at this early stage and obtaining an agreement in principle will make getting your mortgage offer a smoother process.

The conveyancing process – up to 16 weeks

Taking approximately 16 weeks on average, the conveyancing process is applicable in every property purchase and sale. With the help of a solicitor or conveyancer, the finer details of your property purchase can be ironed out, paving the way for the exchange of contracts that makes the transaction legally binding.

Appoint your solicitor or conveyancer early to avoid long delays and ensure you have all the paperwork ready by their suggested deadlines.

Completing the sale – up to 4 weeks

Once the contracts have been exchanged and the date has been set for the big move, there’s more work to be done.

Completing the sale can take between 2 and 4 weeks, and unfortunately making this stage a little speedier isn’t something you can prepare for in advance. Be ready to overcome those final hurdles to ensure you’re prepped for moving into your new home.

Tick one very important task off your property buying to-do list by finding a mortgage advisor today to discuss your options.

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