How Long Does It Really Take to Buy a House?

BPLS
Nov 12
3 min read

Purchasing a home is one of the biggest financial decisions many individuals face. For those in the UK, understanding the timeline for the home-buying process is crucial. It helps buyers set realistic expectations and reduces the stress often associated with such a significant investment. In this post, we will break down the various stages involved in buying a house and provide insights into the time each stage typically takes.

Brick house with gray tiled roof and chimney, large windows, and patio. Green lawn and potted plants in foreground, overcast sky.

The Initial Stages: Research and Preparation

Before diving into the actual buying process, it's essential to research and prepare. This stage can span from a few weeks to several months, depending on personal circumstances.

During this period, buyers should:

Assess their financial situation, including savings and income.
Determine their budget. For example, if someone aims to buy a home worth £300,000, they might need a deposit of at least 10% or £30,000.
Explore areas of interest, looking into property prices (which vary significantly between London and the North of England), local amenities, schools, and transport links.

Additionally, securing a mortgage in principle can simplify things later. This indicates how much a lender is willing to lend, giving potential buyers an accurate idea of their budget.

Finding the Right Property

After the groundwork, buyers can start searching for the right property. The duration of this phase varies widely, often taking anywhere from a few weeks to several months.

House hunters should:

Visit multiple properties to compare features and prices.
Consult with estate agents to gain insights into the market. According to recent estimates, around 40% of buyers look at less than five properties before making a decision.

The time taken in this stage largely depends on the availability of suitable homes and individual requirements, such as the number of bedrooms, garden space, and proximity to schools.

Making an Offer

Once a potential new home is found, the next step is making an offer. This process can be quite fast, usually taking just a few days. However, negotiations may prolong this phase, especially in competitive markets where multiple offers are common.

Once an offer is accepted, the buyer needs to apply for a mortgage formally if they haven't done so yet. This application typically takes from a few days to several weeks, based on the lender's responsiveness and the complexity of the buyer's financial profile. This can take two to six weeks.

Bright kitchen with white cabinets, a tiled island with a stove, sink, plants, and dishes.

The Conveyancing Process

Among the stages of buying a home, conveyancing can be the most time-consuming. This legal process involves transferring ownership from the seller to the buyer and a straightforward transaction can take anywhere from 8 to 12 weeks.

During this time, the buyer's solicitor will conduct several checks, including:

Searches: To ensure there are no issues with things like planning permission, flooding, drainage or local authority imposed restrictions.
Land Registry Checks: To confirm the seller's ownership and any existing charges linked to the property.
Raising Enquiries: To further assess the property's suitability and obtain information from the seller.

Delays can happen if local authorities take time to respond or if unexpected issues arise during the property survey.

Exchange of Contracts

Once all the checks are completed and both buyer and seller are satisfied, contracts are exchanged. This step is crucial as it legally binds both parties to the transaction.

At this stage, the buyer must pay a deposit, usually around 10% of the total purchase price, which for a £250,000 home would be £25,000. The buyer must also ensure that they have obtained suitable building insurance from the date of exchange.

Completion

The final step in the home-buying journey is completion, the moment when ownership officially transfers to the buyer. This usually takes place one to two weeks after the exchange of contracts. Buyers should prepare by arranging for things like utility services to be activated and moving vans.

On completion day, the buyer’s solicitor transfers the remaining funds to the seller’s solicitor, and the keys are handed over.

Close-up view of a set of house keys on a wooden table

Understanding the Timeline

In summary, the timeline for purchasing a home in the UK can widely vary based on individual circumstances and market conditions. On average, the entire process can take up to 6 months, but factors such as property type and local market activity can adjust this timeframe.

To navigate the home-buying process effectively, buyers should be well-informed about each stage, from the initial research to the final completion. By understanding what to expect, they can tackle the home-buying journey with greater confidence and clarity.

Whether you are a first-time buyer or looking to move, knowing the timeline involved helps you plan better and make informed decisions throughout the process.