If you’re thinking of moving, chances are you’ve pictured yourself in your new home in time for the end of the year. What better place to spend the festive season, and kick off 2023, than in your new pad.
Why is moving home taking so long at the moment?
From the time a home is marked sale agreed, it currently takes 150 days on average to reach that all-important completion day. But that’s 50 days longer than during the same period in 2019.
It’s taking longer for home-buyers to get into their new homes because there’s a backlog in the conveyancing process: the thing that happens between having an offer accepted, and getting the keys to your new home.
According to Right Move there are currently more than half a million homes sold subject to contract, with buyers eagerly awaiting completion. That’s 44% more than in 2019.
While there’s been a slight easing in buyer demand since last month, this isn’t going to be enough to ease the delays we’re currently seeing. With lots of people still wanting to move, estate agents are still looking for buyers who are likely to result in a sale going through as quickly as possible.
The home moving timeline
There are a number of plates you’ll have to spin when moving home, including the buying and selling of properties. Below, we’ve included a run-down of what’s involved and how long you can expect each phase to take. It’s worth bearing in mind that if you’re a first-time buyer, this process could take significantly shorter than those involved in a lengthy chain.
- Mortgage approval – 5 days to 8 weeks
- Selling your home – 4 to 10 weeks
- Finding a new home – 1 to 10 weeks
- Making an offer – 1 to 2 weeks
- Conveyancing – 8 to 10 weeks
- Property survey – 1 to 3 weeks
- Moving in – 1 day to 2 weeks