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Zoopla

More than half of Brits overestimate the length of time it takes for a home to go under offer, according to Zoopla.

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  • Pessimistic Brits are overestimating the length of time it will take to sell their home and many could be mis-valuing their property too.

    More than half of homeowners think it will take over two months to secure a sale, when in reality it takes an average of just 50 days, Zoopla's latest data shows.

    The study also found that while homeowners are confident they know how much their property is worth, with only 4% admitting they do not know its value, four out of 10 are basing the figure purely on what other homes have sold for in their local area.

    How do different regions compare?

    Homeowners in Wales are the most pessimistic, with nearly 71% expecting their property to take more than two months to sell, when the average time for the region is 55 days.

    Those in North West England are only slightly more confident, with 69% predicting their home will be on the market for more than two months, when in reality it typically takes only 51 days to find a buyer.

    At the other end of the scale, homeowners in the West Midlands are the most optimistic, with one in four people expecting a sale to be agreed in less than one month.

    By contrast, London was a mixed bag, with half of homeowners expecting their property to be listed for at least two months before they found a buyer, while one in five thought it would take less than one month.

    In fact, it takes an average of 58 days to secure a sale in the capital - the longest for any region.

    Homes are selling quickest in Scotland, where it takes an average of just 39 days, followed by the West Midlands at 42 days.

    Property optimists, realists and pessimists, ranked my pessimism

     

    % of homeowners that believe selling their property will take:

       

    Region

    < 1 month

    1 - 2 months

    > 2 months

    Zoopla current average days to go under offer

    Zoopla average property value

    Wales

    13.04%

    16.30%

    70.65%

    55

    £191,391

    North West England

    12.18%

    18.59%

    69.23%

    51

    £196,965

    North East England

    8.77%

    24.56%

    66.67%

    57

    £191,785

    South West England

    18.75%

    22.92%

    58.33%

    51

    £309,205

    East of England

    14.14%

    31.31%

    54.55%

    53

    £360,746

    South East England

    20.95%

    27.37%

    51.68%

    53

    £408,777

    West Midlands

    24.35%

    25.22%

    50.43%

    42

    £233,759

    London

    21.09%

    29.25%

    49.66%

    58

    £654,730

    East Midlands

    20.72%

    29.73%

    49.55%

    43

    £222,250

    Yorkshire and The Humber

    21.21%

    31.31%

    47.47%

    49

    £180,369

    Scotland

    23.94%

    28.87%

    47.18%

    39

    £194,174

    Great Britain

    19.03%

    25.80%

    55.17%

    50

    £310,757

    What’s the background?

    The time it takes to sell a property is highly dependent on the listing price, while finding the right estate agent will also have a big impact.

    Zoopla’s ‘AgentFinder’ tool makes it easy for homeowners to not only find sales and letting agents in their area, but also to see the average number of properties listed with each agent, as well as the average listing time and asking price.

    Annabel Dixon, spokesperson for Zoopla, said: “When selling your property, bear in mind that hiring the right agent can make all the difference.

    “They will provide an accurate valuation before you start the sale process, giving you the best chance of receiving the best price and helping pave the way for a swifter transaction.”

    Top 3 takeaways

    • Brits are overestimating the length of time it will take to sell their property
    • More than half of homeowners think it will take over two months to secure a sale, when in reality it takes an average of just 50 days
    • Four out of 10 homeowners base the value of their own home solely on what other properties have sold for in their local area

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