The latest research from Unlatch claims that new build homes typically sell 28 days faster than existing properties. This data compares the average time it takes to sell both new build and existing properties from when a home is first listed to the day the move is completed.
New research has found that once a property enters onto the market, the average length of time it takes before it reaches sold subject to contract status (SSTC) is 63 days. This average is 4 days longer when it comes to new build properties, but it is the following stages that make up for lost time.
Completion on New-Build Homes
Moving from the SSTC stage to completion is leaps and bounds ahead for the new build market. In fact, on average, new build homes take nearly half the time to reach completion when compared to existing properties, with the average time being 49 days compared to 81 for existing homes. When all the data from every stage is compared, existing properties take an average of 144 days to complete the full sales process compared to a duration of 116 days for new builds.
Head of UK for the sales optimisation platform Unlatch, Lee Martin, says: “Newbuild homes offer a range of advantages from greater energy efficiency, to lower running and maintenance costs.
“With the new homes sector showing a far greater ability to adapt, evolve and utilise advancements in technology to benefit homebuyers, the gap in selling times versus the existing homes market is only likely to grow wider.”