Research has revealed that it typically takes 6 months and 24 days to buy a home
Experts investigated exactly how long it takes to purchase a property, taking into account every stage, from viewings, to finally getting moving in.
It probably won't come as a surprise that the most drawn out part of the process involved exchanging contracts, which, on average, takes five months and 10 days after an offer is accepted. However, for an unlucky few, it can take up to 25 months.
However, jumping back in time, would-be buyers typically spend around 20 hours looking at 16 homes online.
Following four days being spent waiting to view a potential purchase, buyers then take another four-and-a-half days before making an offer.
It was then found that the average homebuyer spends four days waiting for a potential purchase, with buyers then spending another four-and-a-half days prior to making an offer.
After agreeing the purchase, it took 24 more days to secure a mortgage, while three more days were spent as they looked for a solicitor – it all adds up!
Then, after the exchange of contracts, keys came after a nervy nine day wait.
James Morris-Manuel, vice president for EMEA Matterport, an immersive 3D technology used to create virtual tours of homes on the market, which commissioned the study, said: “Buying a home can be one of the most exciting – and most frustrating experiences of all.
“While the idea of moving somewhere new is thrilling, the reality can be very different, especially when solicitors appear to be dragging their feet, chains break down and viewings take longer than expected to arrange.
“Even viewing a home can be irritating – having to fit in with the owner’s timing and requirements, not being close enough to view a property as often as you’d wish, and then wanting to revisit when a decision has been made.”
2,000 homeowners were polled, with a quarter making offers on a home which were rejected - this ensured the process became even more drawn out for them - particularly for the unfortunate 12 per cent who were unsuccessful on bidding for three or more houses.
While 28 per cent said they had no expectation as to how long buying a house would take, nearly a third said that the process took longer than anticipated – the average anticipation was for it taking just under four months.
For three in 10, it also proved to be hard to find a home that fitted their criteria, with a fifth thinking this was the longest part of the process.
13 per cent said they ultimately had to make compromises too, with location, followed by room size and price, being the most common.
So, how long does it take to buy a home?
- Time spent browsing homes to visit online, before choosing one to buy – 19.46 hours – 0.81 days
- Time between finding a home online, and getting a viewing – 3.74 days
- Time between the first viewing and putting in an offer on a new home – 4.47 days
- Time taken, once decided to buy, to get a mortgage offer – 23.94 days
- Time taken, once decided to buy, to find a solicitor – 2.98 days
- Time taken to exchange contracts – 5.34 months – 165.54 days
- Time taken once contracts are exchanged, to get keys – 9.47 days
Total time: 210.95 days / 6.8 months