Flats are the most common type of property in the UK. New ones are listed on the market every day.
So, if you’re looking to sell your flat, how long will it take?
Read on to find out the answer to this question and more.
Are flats harder to sell than other property types?
All the data suggests that the average flat takes longer to sell than any other property type.
This is often because there is a much greater supply, meaning that potential buyers have many options (i.e., a buyer’s market, which makes the market highy competitive for sellers).
For example, in London over the past year, flats currently take 150 days to sell on average. This is the longest timeframe of all four major property types.
Similarly, flats are on the market for by far the longest in Dundee.
Many issues may appear when selling a flat that aren’t involved with other houses (such as detached properties). We have outlined some of these below.
How long does it take to sell a flat?
The time it takes to sell a flat will vary depending on several factors.
Your location will make a considerable difference – for example, over the past year, selling times for flats have varied in different UK towns:
- Birmingham: 155 days
- Glasgow: 36 days
- Cardiff: 169 days
- Belfast: 171 days
Market conditions also make a big difference to the time it takes to sell a flat.
If interest rates are low, mortgages become more affordable, and more first-time buyers may enter the market to purchase a property.
Similarly, the UK government periodically introduces initiatives that help people to get onto the housing ladder.
This can increase the number of people looking to buy a flat because its relatively inexpensive cost is within reach for people capitalising on this scheme.
Common challenges when selling a flat
When selling a flat in the UK, there are a few common challenges that you may encounter that are absent with other house types.
Firstly, most flat owners are ‘leaseholders’. This means they lease on the property for a certain period, after which the house must be returned to the freeholder.
Most lenders in the UK do not offer mortgages on flats with less than 80 years left on the mortgage – so you may then need to find a cash buyer or extend the lease yourself.
As a second scenario, when selling a flat with cladding, you must disclose this to potential buyers. After all, it could affect the value and safety of the property.
An External Wall Fire Review (EWS1) form may be needed to show the cladding meets safety standards. Legal advice is recommended to navigate potential issues.
If the cladding is deemed unsafe, it may be difficult to sell your flat, as remediation work will be required to fix it.
Many lenders do not offer mortgages on ‘Freehold Flats’, too, which can make them difficult to sell.
This is because there are legal complications involved, which the new owner will be taking on.
Instead, you will usually need to find a cash buyer willing to purchase it, as they can do so without relying on a mortgage.
What can I do to speed up the sale of my flat?
If you can extend your lease before listing the property on the market, then this will help your ability to sell your flat quickly.
Likewise, sorting out cladding issues and getting the correct documentation will make an enormous difference.
Your price will impact how much interest is shown in your property.
You should get information about flat selling prices in the area over the past few months. This helps you understand the current market conditions and what you can realistically expect to sell for.
Ensure you have an updated Energy Performance Certificate and clear information about the square footage.
Using the right estate agent will make a big difference, too, as the marketing can significantly impact how quickly you find a buyer.
Your flat should be in the best possible condition when you host viewings.
For instance, repainting the walls, removing mould, and tidying up belongings will make your flat appear more attractive.
Are lease regulations due to change for flats in the UK?
At the time of writing, the UK Government is passing a ‘Leasehold and Freehold Reform Act’. This aims to give leaseholders more power over the ownership of flats across the UK.
The Act will make it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges.
The Act will also remove barriers for leaseholders to challenge their landlords’ unreasonable charges at the Tribunal.
A new leaseholder will no longer need to own their house or flat for two years before they can buy or extend their lease.
(Although dates and timelines for introducing these changes have not yet been announced, they should happen within the next year.)
What are the different types of flats?
There are different types of flats throughout the UK, each with unique features and advantages/drawbacks.
Leasehold flats are the most common type. In these, the buyer owns the flat but not the land underneath it. This usually comes with a ground rent and a service charge from the freeholder.
Freehold flats are less common and involve owning the land underneath your property. Due to legal complications, many lenders don’t offer mortgages on this type of flat.
This is not to be confused with ‘share of freehold’ flats, which differ from this.
Studio flats are one of the smallest types and have everything in one room.
These usually have a smaller square footage and sell at a lower asking price than an average flat. They are also more common in cities with dense populations.
Meanwhile, maisonettes are viewed as the more ‘luxurious’ type of flat.
They have designated walkways and more extensive square footage (sometimes spread over two floors).
These are often priced above average flats.
How quickly can I sell my flat?
If you want to sell your flat quickly, you can contact an auction house or cash buyer.
Trustworthy cash buyers can purchase your property within 7 days, in any condition, with no associated fees.
This is particularly useful if you are facing repossession, have sitting tenants, are experiencing cladding issues, or have a short lease.
Sell your retirement property with We Buy Any Home
We Buy Any Home are chain-free cash property buyers who can purchase your property up-front and quickly, without hassle or stress.
We offer the perfect opportunity to sell your flat quickly.
Fill in our enquiry form below if you want a cash offer for your home.
