Boston Properties Selling in 71 Days

 

Are you a Boston homeowner or landlord? Are you thinking of selling your home or property in early 2025?

Then, in this article, let me show you how long it will take, on average, to find a buyer for your Boston home and how long solicitors will take to get you moved.

Independent research from Denton House Research shows that in the last 12 months, looking at every UK estate agent’s 1,064,223 sales agreed and 816,299 exchanges, on average, it has taken 73 days from the property coming on the market to become sold subject to contract, up from 67 days for the 12 months ending in June 2024.

Then, it has taken 113 days from the sale being agreed to completion (completion is when the keys and monies are sorted), an improvement on the 117 days for the 12 months ending June 2024. The journey is a long one and not guaranteed as nationally, only 53.6% of UK homeowners who placed their homes on the market in 2023/4 have sold and moved (the remaining 46.7% coming off the market unsold).

 Step 1 – Finding Your Buyer 

The first step is to engage an estate agent (naturally, we’re here to assist) who will work with you to develop a pricing and marketing strategy tailored to attract the right buyer for your situation.

Recent independent data reveals that, over the last three months, a property in Boston has taken an average of 71 days to reach an agreed sale (Sold Subject to Contract). However, as I’ve discussed in my recent articles, the Boston property market is far from uniform; it’s more like a fly’s eye, with countless small, distinct micro-markets. 

Reflecting on this independent research—which focuses exclusively on Boston—it’s fascinating to observe how these different price segments (or micro-markets) are currently performing when we look at the average time it takes to secure a buyer in the Boston area. The average time to find a buyer in the last 3 months in Boston for those properties that have agreed a sale on them is as follows… 

(Boston centre plus a 2-mile radius). 

·         Under £100k - 72 days

·         £100k to £200k - 48 days

·         £200k to £300k - 103 days

·         Over £300k - 121 days

Then, I analysed the same statistics and determined which price band had the highest ratio of properties sold (STC). 

·         Under £100k - 35 sales agreed (SSTC) - 19.02% of the properties Sold STC in Boston in the last 3 months

·         £100k to £200k - 94 sales agreed (SSTC) - 51.09% of the properties Sold STC in Boston in the last 3 months

·         £200k to £300k - 47 sales agreed (SSTC) - 25.54% of the properties Sold STC in Boston in the last 3 months

·         Over £300k - 8 sales agreed (SSTC) - 4.35% of the properties Sold STC in Boston in the last 3 months

So, you’ve secured a buyer. What happens next?

 Selling your property in Boston brings challenges and involves coordination with a diverse group of professionals. This can result in notable differences in the timeline for completing one Boston property sale compared to another.

Step 2 - Instruct Solicitors (and Mortgage Broker)

We can recommend top solicitors to assist with your Boston sale. As the seller, your solicitor will start preparing the initial legal documents for your property (with your input) and then forward them to your buyer's solicitor.

Step 3 – Legal Work and Survey 

After receiving the paperwork, your buyer's solicitor will request local searches from the local authority or land registry to ensure no planned developments, like roads or airports, are impacting your property. These searches can take a few weeks to return, during which the buyer's solicitor may raise questions with your solicitor. Simultaneously, a surveyor will inspect the property to confirm it's structurally sound and valued correctly for the purchase. 

Step 4 – Exchange of Contracts 

Once the mortgage, survey, and legal work are cleared of any issues, both buyer and seller sign the contracts, leading to the "Exchange of Contracts" between solicitors. At this stage, the buyer pays a non-refundable deposit, legally committing both parties to the sale. But wait—there’s still one step to go!

Step 5 – Completion

Completion is when the money and keys are transferred. Typically, this takes place one to two weeks after exchanging contracts (although, since the lockdown, completion can occur on the same day as the exchange). At this point, the buyer's solicitor sends the purchase funds to the seller's solicitor, and once they are received, the keys are handed over to the buyer.

 

In Boston, it currently takes 71 days to find a buyer (Step 1) and 113 days from instructing solicitors (Step 2) to completion (Step 5)

 

In summary, you should anticipate waiting five to six months from the day the 'For Sale' board goes up to the day you move out.

If you're considering selling your home in Boston, or you’re a Boston landlord looking to sell a buy-to-let property with tenants in situ, feel free to reach out. I’d be happy to have an informal, no-obligation conversation to help you secure a good price with minimal hassle. Drop me a message or give me a call.

 

The Hidden Trap of Overpricing Your Home in Boston's Property Market

 

In an age of sensational headlines, the UK property market - particularly in Boston - often finds itself misinterpreted.

 

While we cannot ignore the challenges of higher mortgage rates and shifting buyer preferences, it is vital to appreciate the broader context to understand what's happening in the Boston property landscape.

 

The UK housing market is currently at a junction, characterised by its lowest house price growth in 12 years and a rising number of homes for sale. Higher mortgage rates have made a sizable dent in market activity, affecting everything from buyer demand to the volume of property sales.

 

Don't get me wrong; Boston properties are still selling (7.9% more Boston homes sold per month in 2024 compared to 2023), but not at the rate or level they were in 2021.

 

Therefore, correctly pricing your Boston property for sale cannot be underestimated. Let me explain the reasons behind the current state of play nationally and, finally, the exact story of what is happening now (and in the future) in Boston.

 

The Importance of Correctly Setting an Asking Price for Your Boston Home

 

Putting your Boston home on the open market at an asking price that is too high can considerably deter potential buyers and limit the number of people who come to view it. Buyers always have a budget in mind, and if your property is priced above comparable homes in your area, it's likely to be filtered out of search results and ignored.

 

Even if your property gets some attention, the inflated price can signal that you're not serious about selling or unwilling to negotiate. This can result in your home languishing on the market, which could necessitate future price reductions.

 

Over time, buyers will begin to be suspicious that something must be wrong with your property, irrespective of its high price.

 

Thus, setting a realistic, market-aligned asking price for your Boston home is vital for attracting a broader pool of qualified buyers and facilitating a quicker, more lucrative sale with a higher chance of actually moving home.

 

Remember, looking at an independent analysis by TwentyEA and Denton House Research of the 1.1m house sales in the whole of 2023, if the property sells (Sold STC) within the first 25 days of it going on the market, the chances of that sale agreed exchanging and completing (i.e. you moving) is 94%, while if it takes more than 100 days to achieve a sale (often because the initial asking price has been set too high and time is wasted), the chances of that sale subsequently exchanging and completing drops to 56%.

 

The Impact of More Homes For Sale

 

The UK property market looks promising. Nationally, this year the number of properties sold (STC) was 1,045,620 (to the end of October), 8% higher than the same sales figure to the end of October 2023 (when it was 912,919).

 

However, there are 724,312 properties for sale in the UK, which is 9.4% higher than at the same time in October 2023, when it was 662,829. It must also be remembered that the figure was 506,614 in October 2022 and 438,005 in October 2021.

 

There are 65.4% more homes for sale in the UK today compared to 3 years ago.

 

Just Only Half of All UK Homes Put on the Market, Sell and Move

 

Since 1st January 2024, of the 1,222,925 homes that left UK estate agents' books, 654,081 (53.5%) exchanged and completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 568,844 (46.5%) were withdrawn from the market, unsold. In essence, you have a flip-of-the-coin chance of selling, and homeowners moving.

 

Focus on Boston

 

·         In 2021, there were an average of 85 new Boston properties coming onto the market and 93 Boston homes sold (STC) each month. The average number of homes for sale in 2021 was 329.

 

·         In 2022, there were an average of 101 new Boston properties coming onto the market and 81 Boston homes sold (STC) each month. The average number of homes for sale in 2022 was 365.

 

·         In 2023, there were an average of 103 new Boston properties coming onto the market and 76 Boston homes sold (STC) each month. The average number of homes for sale in 2023 was 515.

 

·         2024 YTD, there has been an average of 93 new Boston properties coming onto the market and 82 Boston homes sold (STC) each month. The average number of homes for sale in 2024 was 497.

The volume of properties for sale in Boston has increased by 51.2% over the past three years. While this surge in available properties hasn't significantly impacted house prices, it is likely the main reason Boston house price growth has been kept in check.

With more Boston homes on the market, local buyers now have greater choices and can be more discerning. This often leads to balanced negotiations, and so can moderate rapid house price increases. This dynamic ultimately benefits buyers and sellers, balancing the market and providing fair value across transactions.

Boston = PE21

 

The Costly Trap of Overvaluing: How It Could Affect Your Boston Property Sale

Starting with a realistic asking price is the most sensible approach if you want to sell your property in Boston. Overpricing (or, as it's called by some over valuing), where the asking price is set too high, may be tempting, but it often leads to challenges that can delay your sale. Once a property is listed, it has a single chance to captivate buyers as a new instruction—bringing excitement and immediate interest. Miss that window with an overinflated price, and your dream home could slip through your fingers while you wait for a sale that never comes.

 

In Boston, we’re seeing an increase in properties priced way above their actual market value—a trend often driven by estate agents focused more on the number of listings than on making actual sales. This approach can harm many Boston homeowners, initially setting their hopes high with a lofty price, only to later reduce it after losing valuable time and reducing the chances of actually selling their home and moving (as discussed above). This can be disheartening for many homeowners looking to move, especially if it means missing out on another property they have their eye on.

 

Research from Which reveals that properties priced correctly from the outset sell faster and often achieve a better final price than those that start high and then undergo reductions. Overpricing by as much as 10 to 20% of your property’s actual value can leave it lingering on the market, losing the early buyer attention that often results in successful sales.

 

Further complicating the issue is that some estate agents incentivise their staff to prioritise listing properties rather than selling them, pushing prices not in line with the market. With the Boston property market stabilising, setting a realistic price has become even more crucial in attracting serious buyers and ensuring a timely sale.

 

Outlook for the Boston Property Market

 

While dramatic house price rises aren't anticipated in Boston’s immediate future, there’s no significant drop expected either (for more, see my previous articles). Demographic and economic shifts - such as an ageing population, more flexible work arrangements, a strong labour market, and sustained immigration - could contribute to renewed market activity in the coming years. Additionally, base rates are expected to dip below 3.5% by the end of 2025, likely impacting buyer behaviour more noticeably next year.

 

The British property market faces some challenging conditions, with effects of the budget still to be seen and those fuller mortgage rates affecting affordability. However, the trend of above inflation pay rises that we have seen in the country over the last 12 months could make homeownership more accessible for many more people in the medium to long term. However, combined with a potential drop in mortgage rates in 2025, wages continuing to outstrip inflation and demographic shifts, these changes could encourage an even healthier and more balanced property market in the next 12 months?

 

Understanding these trends helps both Boston buyers and sellers make more informed decisions. Though the market may seem under strain now, Boston homeowners who set realistic asking prices will be in a strong position as the market looks to become more accessible in the near future.

 

If you're in Boston and considering a move, reach out for a free, no-obligation valuation or market appraisal of your home. I aim to get the best possible price for your property, with advice tailored to give you the greatest chance of a successful sale in today's market.