The UK has been identified as having the lengthiest timeline for selling homes among the world’s busiest housing markets, a distinction that has drawn criticism for its inefficiency. Research conducted by Home Sale Pack, an upfront information platform, reveals that the process of selling a home in the UK is markedly slower than in countries like the USA, where transactions are completed nearly three times as quickly.
Home Sale Pack’s study compared the average duration from listing to closing in ten of the busiest housing markets globally. The findings placed the USA at the forefront of efficiency, with an average selling time of just 69 days. Canada and France follow, with properties typically reaching closing within 90 and 105 days, respectively. Other countries such as Germany and the UAE also outpace the UK, completing transactions within approximately 3.5 months.
Notably, the UK’s average selling time stands at 183 days, or roughly six months, making it significantly slower than its closest competitor, Spain, which averages 152 days. This sluggish pace has been described as “embarrassing” by Ruth Beeton, Co-Founder of Home Sale Pack, especially given the UK’s status as a highly sought-after property market.
Beeton criticizes the UK’s “archaic” property transaction process, which she believes has stagnated for decades, if not centuries. She points to the lack of proper provision of upfront information as a major bottleneck, arguing that making comprehensive details available to prospective buyers at the outset could dramatically reduce the overall selling timeline.
Home Sale Pack is advocating for a shift towards providing all necessary information to buyers early in the process, a change Beeton suggests could eliminate weeks or months from the UK’s protracted transaction period. This initiative aims to enhance both the speed and certainty of property transactions, aligning the UK more closely with the efficiencies observed in other leading global housing markets.
