Best Time To Sell A House In The UK?
There are lots of factors that will influence when you decide to sell your home. Sometimes your personal circumstances will give you little choice about the exact moment, but if you’re able to put it on the market at certain times of year you’ll boost the chances of a fast sale.
If you are unable to wait we can help you get moving quickly. We buy using our own cash funds which means you won’t be in an unpredictable chain of transactions, in fact we’ll give you a guaranteed completion date and can buy your home in just seven days. We’re also experienced at dealing with sensitive situations when you may need to sell quickly such as after inheriting a home or during a divorce.
Picking a season
Your aim is to put your home on the market when most buyers are searching. The increased competition between them should help you get the best price possible. In a particularly fast moving market when you choose to sell won’t have a huge impact, however in slower or less predictable ones it could make a big difference.
During the past couple of years, August has been the month with the most completed sales, followed by November. This doesn’t mean you should put your home on the market in these months. In fact, these stats back up the widely held belief that spring and autumn are the times when most buyers are looking since it takes a few months to complete the selling process after you accept an offer. Here’s a closer look at the seasons:
- Spring – warmth is returning and flowers are beginning to open, which makes everything including your home look more appealing. As the sun comes out we’re all feeling a little more optimistic and eager for change. More importantly, children are at school, few people are on holiday and there are no large celebrations to distract buyers. Which is why it’s the busiest time of year for house hunters. So putting your house on the market in March or April is a good move.
- Summer – holidays and childcare take over, which means fewer potential buyers are looking.
- Autumn – buyers start looking again as children go back to school and holidays finish. The weather is also still warm enough not to put people off.
- Winter – as the light fades it reduces the hours of the day you can view a home in all its glory. And as we go deeper into winter, minds turn to Christmas, but there’s often renewed interest in the new year.
Research has found that homes put up for sale in March are on the market for the shortest amount of time (57 days). Whereas those put on in October and November are on for the longest (around 79 days).
However there are lots of variables and regional differences, not to mention different interpretations of statistics. For example, research by the Home Owners Alliance found homes put on the market in January over the past five years sold the quickest.
The right time for you
Rather than worrying too much about the time of year you should make sure the moment is right for you and your specific home.
Start by getting your home in the best shape as possible. That means fixing any issues you’ve been avoiding and decorating any rooms that might put buyers off. You should also make sure outside spaces are looking as trim and tidy as possible, since these will give anyone viewing your home that crucial positive first impression.
What type of home you’re selling can also impact when you put it on the market. If it’s a family home stick to local term times when parents can view it without their children in tow. If you live in a smaller house or apartment, January is a good month to appeal to first time buyers who may have had one too many Christmases at home.
Also check what’s happening in your local area. Could an exciting development getting underway nearby attract people, or will it put them off? For example, a large city regeneration project will give buyers optimism the area is on the up, in a more rural location a large development may have a negative impact.
Don’t be put off by downturns
A slow market isn’t necessarily a bad one. In fact, if you are trading up falling house prices could work in your favour. A 10% fall, for example, will knock more off the price of a more expensive home than a less expensive one.
Of course if the value drops dramatically you may find yourself in negative equity, this means your mortgage is more than the value of your home. This makes it harder to move since you will have to pay the difference and find a deposit for your next home. It’s often better to sit tight and try to pay off more of your mortgage.
You could also consider letting out your home if you need to move and renting somewhere else until you can sell yours. Always talk to your lender before doing this.
Working with us
In slower markets you may find your home doesn’t sell. It’s best not to keep it on the market for too long since buyers will see this, often unfairly, as a sign something is wrong with it. If you’re in this situation it’s worth holding off and waiting for more favourable conditions.
Of course sometimes moving is unavoidable, maybe you have a new job in a different town starting soon. If you’re in this situation we can help – we buy houses of all shapes, sizes and values as quickly and with as little fuss as possible.
As we’ve mentioned, we’re also experts at dealing with the home-selling process during unsettling moments such as divorce and inheritance. What’s more we’ll arrange solicitors and cover their costs, there are also no estate agent fees to pay when you work with us. If you’d like to chat about our service, get in touch.