Selling Your London Flat? How to Earn While You Wait for a Buyer

Key Takeaways

Selling a flat in London can take time. Rightmove puts the average at 70 days to find a buyer and a further 174 days to complete around 244 days in total.

Flats are among the slowest property types to complete, and around 23% of agreed sales fall through initially.

An empty flat can continue to incur costs such as council tax, service charges, utilities and insurance throughout this period.

A professionally managed short let can generate income, keep the flat well maintained and still allow flexibility for viewings.

How Long Does It Take to Sell a Flat in London?

Longer than anywhere else in Great Britain, in most cases.

According to Rightmove's latest analysis, London sellers take an average of 70 days to find a buyer. Then it takes another 174 days, on average, to get from sale agreed to completion. That's 244 days, or roughly eight months, from listing to keys.

Flats tend to take longest. Rightmove found they're the slowest property type to complete, at 169 days on average across Great Britain, partly because leasehold paperwork adds time.

An agreed sale isn't the finish line

Rightmove's research also found that 23% of transactions fall through at first. So a "sold subject to contract" sign doesn't mean the wait is over. If your buyer pulls out four months in, you're back to marketing, and the clock starts again.

Prices aren't helping either. The Office for National Statistics reports that London house prices fell 3.3% in the 12 months to July, the eleventh month in a row of annual falls. In a slower market, sellers who aren't forced into a quick sale are generally in a stronger position to hold out for the right offer.

What an Empty Flat Costs While It's on the Market

Waiting would be fine if it were free. It isn't.

While your flat is on the market and empty, you're usually still paying:

•         Council tax

•         Service charge and ground rent, if it's leasehold

•         Mortgage payments

•         Utility standing charges and insurance

Council tax needs a closer look. If your flat has been empty and substantially unfurnished for a year, councils in England can charge an empty home premium on top of the normal bill. GOV.UK says homes being marketed for sale may be excused from the premium, but only for up to 12 months. If your sale drags past that, or falls through and restarts, the extra charge can come back into play. We cover the full picture in our guide to what an empty London flat really costs.

Can I Airbnb My Flat While Selling It?

In most cases, yes. It's one of the questions we're asked most, and it's answered on our Host with us page.

Here's what a managed short let can do for a seller:

•         It earns from the asset. Guest income can help cover the costs of holding the flat while you wait.

•         It keeps the flat presentable. A furnished, professionally cleaned flat usually shows better than a bare one. Buyers can picture living there.

•         It keeps the flat in use. Someone checks the place regularly, so problems like leaks get spotted early.

•         It takes the pressure off. If you're not losing money every month, you're less likely to accept a low offer just to end the wait.

•         It builds reviews. Strong guest reviews can show a buyer, especially an investor, that the flat works well as a home.

What about viewings?

This is usually the first worry, and it's easier to handle than most people think.

When we manage a flat that's for sale, we plan the booking calendar around your sale. Viewings can be booked into gaps between stays, and if an estate agent, surveyor or contractor needs access, our team coordinates it so it doesn't clash with guests. The flat is cleaned after every stay, so it's ready to show.

Once you've agreed a sale, we work back from your expected completion date. Under our agreements, we generally ask for one month's notice to stop hosting, and any bookings already in place are honoured or relocated, which we can arrange for you. That means you can hand over the keys on time with the flat empty and clean.

How Westminster Apartments Helps You Earn While You Sell

We're a boutique short-let management agency in London, and we handle everything from set-up to checkout.

If the flat is empty or half-furnished, our staging and furnishing team sources missing furniture and essentials, styles the rooms and arranges professional photography. That same staging tends to help your sale listing too.

From there, we list the flat across the major platforms, price it with demand, vet every guest and manage cleaning, linen and check-ins. Cleaning and linen fees are covered by guests. You keep ownership and control, and payouts are released on the first Monday of the following month.

We're Airbnb Superhosts, hold Booking.com Traveller Review Awards and Vrbo Premier Host status, and our projects have been featured twice on BBC's Homes Under the Hammer. You can see what's included on our fees and services page, or read what our landlords say.

Estate agents: a reason for your sellers to stay with you

If you're an estate agent with vendors whose flats are sitting empty, this is a simple extra you can offer. Through our partnerships programme, you refer the owner, we manage the short let, and you earn a monthly referral commission while staying your client's trusted adviser.

Let's Talk About Your Flat While It Sells

Months of waiting don't have to mean months of bills with nothing coming in.

Tell us where your flat is, how many bedrooms it has and roughly when you expect to complete. We'll give you a realistic estimate and a plan that works around your viewings. Contact Westminster Apartments today.

Frequently Asked Questions

Can I rent out my flat on Airbnb while it's for sale?

Usually, yes, as long as your mortgage lender, lease and insurer allow it and you stay within London's 90-night short-let limit. Check all four before your first booking.

How long does it take to sell a flat in London?

Rightmove's latest figures put it at around 244 days on average: about 70 days to find a buyer and 174 days from sale agreed to completion.

Will guests get in the way of viewings?

Not if the calendar is planned around them. A management agency can leave gaps for viewings and coordinate access for agents, surveyors and contractors.

What happens to bookings when my sale completes?

With us, you generally give one month's notice. Bookings already made are honoured or moved to another property, so the flat can be handed over empty on completion day.

Do I pay council tax on a flat I'm selling?

Usually, yes. If it's empty, you may be excused from the empty home premium for up to 12 months while it's marketed for sale, but the standard charge normally still applies.

Does short letting help a flat sell?

It can. A furnished, clean, well-reviewed flat often presents better than an empty one, though the price you get still depends mainly on the market and the property itself.

Disclaimer: This article is general information, not legal, tax, mortgage or financial advice. Rules, lender terms and lease conditions vary, so speak to your lender, managing agent and a qualified adviser before short letting a property you're selling.