Selling a property can be a lot of hassle as there are so many variables involved. Whether it is the financial status of everyone else in the selling chain or a solicitor taking their time, it can be a long process.
How long exactly can depend on where your property is located. New research from Rightmove has revealed that the average time in London increased from 36 days to 60 days over the last five years. In the same time period, the average time to find a buyer in Scotland decreased from 66 days to 41 days, making it the place in the UK where homes sell fastest.
Miles Shipside, housing market analyst at Rightmove, said: ‘Whilst it would be easy to link that with the Brexit vote, there are other factors at play, especially increasingly stretched buyer affordability’.
Instead, Shipside cites leasehold rules slowing the sale of flats down and making buyers more cautious. The same leasehold issue also means that many owner-occupiers who buy now are unlikely to be able to move in before Christmas – another factor which may elongating the decision-making process for some.
However, it appears that selling tenanted properties between investors is a faster process on average than selling between owner-occupiers. Rather than taking up 60 days to sell, as is the case in London, selling to a fellow investor through yieldit only takes an average of 33 days, whether you are selling a residential or purpose-built student accommodation property.
Furthermore, 62% of properties sold through yieldit had a sale agreed in less than one month, and 45% were sold in less than a fortnight. By selling to investors, who know what they are looking for and are generally in a position to purchase with cash, you can speed up the sale significantly. In addition, by selling your property with tenants in place you will not have a void period – and all the lost income and expense which comes with that – during the sales process. This will save you money and make the property more attractive to potential buyers.
Are you looking to sell a tenanted buy to let property? Make the smart choice with yieldit and take advantage of our no sale, no fee policy. To get your free property valuation, please click here.
