Insight - new build homes sell 28 days faster

New research from sales optimisation platform, Unlatch, claims that new build homes are likely to sell 28 days faster compared to existing homes.

Unlatch was able to accumulate these findings by analysing the average time to sell from when the home is first listed, sold subject, contract, and then the length of time it takes to complete. 

Despite the property demand and supply imbalance, the new homes sector has been delivering vital stock to the market to quickly meet the high levels of demand. 

New build homes sell faster

The sales optimisation platform found that once a property reaches the market and is listed for sale, it takes an average of 63 days for an existing property to reach sold subject to contract status (SSTC). 

Although new-build properties take 4 days longer to reach this stage, the final stage of moving a sale from the SSTC stage to completion is miles ahead for new build properties compared to existing homes. 

Unlatch reveal it takes an average of 49 days to reach completion on a new-build property, while the average existing home takes 81 days on average. 

Overall the results show that existing properties take an average of 144 days while buying new-build homes takes 116 days.

Why do new build homes take less time?

The time it takes to buy a new build home is shorter than buying an existing home for various reasons.

New build homes involve no existing owners, as they are purchased directly from the developer. Whereas existing homes are usually subject to chains that slow down the process.

New build homes are not perfect, yet if issues are discovered these can be fixed by the developer within the warranty period. However, when purchasers of existing homes discover issues through surveys, price negotiations and mending issues are more time-consuming. 

Furthermore, new build homes are built by housebuilders and developers using innovative technology to make the whole process faster. 

Lee Martin, head of UK for Unlatch says: “New-build homes do carry a premium but this is often for good reason and they also offer a range of advantages from greater energy efficiency, to lower running and maintenance costs. What’s more, they also allow homebuyers to secure a foot on the ladder at a far greater pace and this speed and convenience is something that many value above and beyond a cost saving.”

“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.”