Selling a home can be a difficult undertaking but it is a quicker process in some places than others.
According to new research, selling a home in the UK takes almost three times longer than it does in the US, and an entire month longer than in Spain. One expert in buying and selling homes described the UK's transaction timeline as "embarrassing".
Home Sale Pack "analysed the average time it takes to sell a home in ten of the world’s busiest housing markets to understand how the UK’s notoriously inefficient process ranks on the world stage".
The research found that the US, Canada, France, Germany, UAE, Portugal, Italy and Australia all beat the UK for home-selling efficacy.
'The UK struggles to match the home selling efficiency of other nations'
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The findings revealed that the UK has "by far the longest selling timeline". The experts at Home Sale Pack said: "The UK struggles to match the home selling efficiency of other nations, with an average timeline of 183 days or six months.
"This means that selling a home in the UK takes almost three times longer than it does in the USA, and an entire month longer than the second-worst performer, Spain."
The experts said: "The data shows that the nation with the fastest selling process is the US where it takes an average of just 69 days to complete a transaction from the time of listing through to closing.
"In Canada, the average property takes just 90 days to make it through to the closing stage, while in France the journey takes 105 days."
Average time it takes to sell a home, from quickest to slowest
- USA: 69 days
- Canada: 105 days
- France: 105 days
- Germany: 106 days
- UAE: 107 days
- Portugal: 122 days
- Italy: 137 days
- Australia: 137 days
- Spain: 152 days
- UK: 183 days
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The transaction timeline could be improved in the UK if prospective buyers are given the 'vital information they need to make a decision right at the beginning'
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Co-founder of Home Sale Pack Ruth Beeton commented on why the house selling timeline is slower than optimal - and advised how this could be improved.
She said: "The UK boasts one of the strongest and most desirable property markets on the global stage, but despite our obsession with bricks and mortar, our protracted property transaction timeline is quite frankly embarrassing.
"Of course, markets differ and each nation will have its own unique nuances with regard to selling a property, as well as varying definitions of when in the timeline a property is actually sold. But despite this, it’s clear that the UK is miles behind the rest when it comes to speed and efficiency.
"The problem is clear - the UK’s process is simply archaic and has failed to evolve for decades, perhaps centuries. One of the key failings is the proper provision of upfront information which not only helps increase speed, but also certainty.
"We’re working hard to normalise the process of sellers providing all prospective buyers with the vital information they need to make a decision right at the beginning of the process, because this alone will slash weeks and even months off our embarrassing transaction timeline."
