"New sellers who are motivated by the 18-week Christmas deadline therefore need to agree a sale to a buyer much more quickly than the average eight weeks that it takes"
Its data shows that buyers have more choice this month compared to last, with total available stock being up 2.1%.
However one outcome is that the average time to sell between first marketing on Rightmove and being marked as sale agreed has increased by 3% to just over eight weeks.
Rightmove's research shows that it currently takes an average of 13 weeks to complete the legal transaction, so with 18 weeks until Christmas, buyers could still be in their new homes before the New Year.
However for new-to-the-market sellers who could face an eight-week wait to find a buyer, they could struggle to complete the move before Christmas.
Miles Shipside, Rightmove director and housing market analyst, commented: “Sellers who come to market in the peak holiday month often have a pressing need to sell and price down accordingly, and are offering ‘summer sale’ prices to entice holiday-distracted buyers.
"With lacklustre average wage growth, more buyers are bumping up against the tighter lending criteria brought in four years ago following the Mortgage Market Review, which were intended to prevent another boom-and-bust cycle.
“The ‘beast from the east’ weather was a factor in sales agreed numbers being down by 5.4% year-to-date when we reported back in May, but they are on an upward trajectory and are now 3.5% down year-to-date. Overall in spite of political uncertainty sales agreed are holding pretty steady and it is usual for there to be an upturn in prices and buyer activity as we head into the Autumn season, especially if sellers maintain their cheaper pricing to attract buyers.
"The key measures affecting the chances of a successful sale all indicate a higher degree of difficulty, so for a seller to increase their odds and beat the average timescales they need to be more pro-active than other sellers.
"New sellers who are motivated by the 18-week Christmas deadline therefore need to agree a sale to a buyer much more quickly than the average eight weeks that it takes, and perhaps also compress the average 13 weeks between agreeing a sale to a buyer and moving in. That’s a nail-biting total of 21 weeks that they need to try and cut down.
"Sellers and their agents who are pricing very attractively in order to beat the averages should also ensure that both the seller and equally importantly their buyer have the necessary financial and legal preparation in place. Lack of up-front preparation leads to mortgage or cash availability hold-ups, and failure to get legally required documents ready in anticipation of a sale can add weeks. Sale-ready sellers and the correct choice of a well–prepared buyer with a short or sound chain can still bring the turkey to the table in your new home in time for Christmas.”
