Almost half the people in the UK underestimate the amount of time it takes to sell their home. In a recent survey UK Property Bank found that 48% of those questioned believed they could sell their home within three months.

Whereas in reality, say the National Association of Estate Agents, the average time taken to sell is around 16 weeks, but six months ago it was 17 weeks from instruction to completion.

Jim Akin, director of UK Property Bank, said: “The national average figure includes statistics from London and the Home Counties, where almost all commentators agree there is currently a serious shortage of property for sale ; the lowest level in a decade, and houses put up at a sensible price are snapped up within days. This is certainly not the situation outside these areas, so the time to sell in other regions is invariably longer than the average.”

NAEA’s statistics for the early part of this year showed that, on average, 43% of house sales are agreed within one month of property being put on the market, and 48% of completions take a further two to three months.

However, a significant number of vendors are taking longer to sell their properties, with 13% of sales taking between three and four months to complete.