You may be wondering when the best time to sell your property actually is. There are all sorts of myths around when this might be, but each area and each property is different. There are peaks and troughs throughout the year, and being aware of these timings give you a good opportunity to be able to take advantage of this. However, it’s more often about making sure that the timing works for you rather than trying to work it round the market.
With the UK going into lockdown during March property sales have looked slightly different this year. The market re-opened in May and the government announced that in England and Northern Ireland Stamp Duty would be exempt until the 31st of March 2021. Resulting in house sales having a mini boom and the average price of a UK home rose 1.6% in August from July to £245,747, according to the Halifax.
The New Year
The New Year is often a good time for sales as people mark a new year as a fresh start following the Christmas period, making it a busy time to start searching for a new home. The buyers’ market tends to pick up in the New Year and then grows, resulting in a peak in Spring. Potential buyers looking at the beginning of the New Year are typically at the very beginning of their search and can take several months until they have made any decisions.
Spring is by far the most popular time to buy and sell property. This is most likely a result of people not taking holidays yet or being busy with Christmas festivities, and there is still the enthusiasm from the New Year with the intention of being in the new property by the summer. The Easter Bank Holidays act as a reflection time, giving people more time to view, consider options, and make decisions.
Another positive of selling in springtime is that gardens are in bloom and the sun is usually out for longer, providing more daylight.
Selling in the summer usually poses its challenges June and July are both usually good but August sees the schools breaking up and generally a time when people tend to take their summer holidays which can slow down the selling and buying process. Typically, a family looking to move will have moved ahead of this in the Springtime in order to be settled before starting new schools.
Traditionally autumn is classed as a good time to sell and there tends to be an increase until early November. Children have gone back to school and people have most likely taken their holidays. Autumn poses the chance to be in a new home for Christmas with enough time to get settled in.
Unsurprisingly Winter is usually a difficult time to sell as Christmas is on the horizons and buyers are usually preoccupied with Christmas preparations. The nights begin to close in, giving people less time to view properties within daylight. Buyers motivation is decreasing, except for those looking to try and find a bargain with the with the intention of completing a purchase in time for Christmas.
What if I need to sell my house now?
If you’re looking to sell your house or property as soon as possible don’t sweat it, there are still buyers at all times of year so if you need to sell your property during the ‘off season’ it is still very likely to sell. You will have to be realistic with timeframes; if there is small demand then you may have to consider the price you are listing the property for and be prepared to be super accommodating to potential buyers.
What if I’m not ready to start selling yet?
Easy answer… Wait until you are. It’s important to pick a time that works for you, you need to ensure you don’t rush and give yourself enough time to prepare. Also, if you do get a buyer, you want to be able to move as quickly as possible. Make sure you factor in some time to get your home looking its best so you can get the best price when you do go to sell.
Make sure you’re keeping an eye on what you want to achieve if you’re selling it’s likely that you’ll be buying a property too.
Keeping an eye on the property market will help you align the two. Ideally as soon as you put your property up for sale, you should be looking for your next purchase.
It only takes one buyer to make a sale successful.
Potential buyers are out there 365 days of the year.
If forced to sell a house during a quiet month – don’t sweat it!