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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: July 19, 2022

Here at Online Mortgage Advisor we think it’s never too early to start talking about Christmas.

If you’re thinking about buying property to live in, there is a good chance you have pictured being in your new home before the festive season begins.

We take a look at the current average time it takes to buy a home, and the importance of acting quickly if this applies to you.

Why is it taking so long to move home right now?

It currently takes around 150 days from the time a home is marked for sale to the all-important completion date. An increase of 50 days versus the same period in 2019.*

Homebuyers are taking longer to move into their new homes because of a backlog in the conveyancing process: the time between having an offer accepted and receiving the keys to your new home. Because there are so many people looking to relocate right now, this stage of the moving process is taking much longer than usual.

While there has been a slight decrease in buyer demand since last month, this will not be enough to alleviate the current delays. Preferred buyers will, more than ever, be those that can move quickly on a purchase.

*Source: Rightmove.

Give yourself the best chance of moving before Christmas

If you have a house to sell and want to relocate before the end of the year, the first thing you should do is put your house on the market. Some estate agents won’t let you view a property without it!

If you are a first-time buyer, a Mortgage in Principle could make you a more sought after buyer too. Consider speaking to an advisor who can find you the right lender and help you act more quickly when it comes to making an offer and completing a full application.

Get prepared with a conveyancer in mind and keep on top of them to ensure your purchase isn’t delayed by something as simple as someone taking a summer holiday! Lay everything on the table including any questions you have and also when you would like to exchange and complete so that everyone is on the same page.

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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