Is It a Good Time to Sell My Home in Preston?

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Is It a Good Time to Sell My Home in Preston?
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Wondering whether it’s the right time for you to sell your home in Preston? Here is all you need to know. Selling your house at the right time can bring you perks like getting more money for it, selling it faster, having better negotiation chances, and other advantages. With the constantly rising population of Preston at the rate of 0.61%, homes are always in great demand.

However, identifying the perfect time to sell your house in Preston can be a challenge. Apart from the current housing market conditions, you also have to consider whether you are ready to sell or not. Keep reading and find out how we can help you sell a tenanted property and much more.

Current housing market

The current housing market shows an average house price in Preston at £168,524 as of September 2023. The ever-changing landscape and the new developments in the city have kept the property market booming over the past few years. Let’s find out how much time it can take for you to sell a house in Preston.

Time it takes to sell (for different property types)

The average time it takes to sell a property on the open market in Preston is 6-9 months. If you are looking for selling times in Preston by number of bedrooms, two-bedroom houses have been selling at an average time of 103 days. Here are the selling times in Preston by different property types:

Property TypeAverage Selling Time
Flat153 Days approximately
Terraced House75 Days approximately
Semi-detached House79 Days approximately
Detached House102 Days approximately

Are Preston house prices rising/falling?

Since November 2019, the Preston property market has seen an increase of 5.2% in prices of all types of housing properties. Being the 20th cheapest city in England and Wales, Preston offers you excellent housing prices with a stable market that you can rely on. To find out where housing prices in Preston are rising or falling, let us compare the prices to the start of the year. 

In January 2023, the average price for all property types was £160,013, which as of September 2023, has risen to £168,524. This price is the highest the market has seen throughout the year. Hence, in terms of housing prices, it really is a good time for you to sell your home in Preston. 

Are you ready to sell?

It is a good time to sell your home in Preston, but are you even ready to sell? Are you aware of the steps to get ready to sell your home? Researching the Preston housing market, analysing the prices and the selling time are not the only factors you need to keep in mind. Here are the factors to consider before selling your house:

Reason for selling

Ask yourself, why are you selling your house? Whether you are looking to downsize or move to a different location, your reason for selling should be clear. Make sure your financial goals are defined before proceeding to sell.

Get a price analysis

Knowing your potential selling price allows you to know whether you should invest in upgrades to increase the property value.

Get a home inspection

Buyers will always be on the lookout for damages and faults. A pre-sale home inspection provides buyers with essential information and helps alleviate concerns.

Consider potential future developments

Preston is on the verge of a major development project which includes plans for a new cinema, a new market hall, and the transformation of the historic market. If you are looking to maximise your property value, waiting for the future city developments to complete might be the right option.

Consult an expert

Lastly, you cannot cover all the aspects of selling a house in Preston. Therefore, you should consult property professionals and gain insights into the market conditions, pricing and demand. 

Pros of selling your Preston home right now

Selling your home is a life-changing decision. You must identify and avail the benefits of selling your Preston home right now. As it is a good time to sell your home in Preston, you are likely to attract better offers, potentially greater sale prices, faster processing and much more. Here are the pros of selling your Preston home right now:

Higher Sale Prices

As of the start of 2023, the prices have gone from approximately £160,000 to an estimated £168,500. The increase in housing prices and the financial benefits for you are the most obvious advantages of selling your house right now.

Faster Sales

There is currently a strong demand for houses in Preston. Whether it’s flats or houses, first-time buyers, young professionals, and families alike are searching for property in Preston. If your house is in good condition, you can strike up a sale in as little as 7 days.

Reduced Maintenance Costs

If you are an individual who owns a house in Preston but does not use it, selling it right now would be the perfect option. Rather than having to pay rent, service charges, and refurbishment costs, you can simply sell the property and avoid these all at once.

Perfect for Commuters

People who cannot afford a living in expensive cities use Preston as a commuter town due to its relatively cheaper housing market and lifestyle. Hence, you also have the advantage of attracting commuters if you decide to sell your Preston home right now.

Cons of selling your Preston home right now

You can overlook the disadvantages of selling your Preston home by focusing on just the benefits. Although it is a good time to take that decision, there are also some technical and financial drawbacks which you should consider:

New Preston Development Plan

Selling a house in the middle of a development project may not get you the maximum selling price that you would get by the end of the development project.

Increased Competition

The booming property market of Preston means you have a lot of competition to deal with. Convincing a buyer to buy your house can be difficult, especially if your house is in poor condition.

How We Buy Any Home can help?

We help our clients sell their houses in as little as 7 days. Unlike traditional estate agents, we do not charge for online listing services or home valuation. When the average time for selling houses in Preston is 6-9 months, we ensure you receive the funds in just 7 days. 

Additionally, we provide you 100% guarantee on the sale of your property. When you choose us, we do not rely on a third party’s funds; we can buy your home directly with our own funds. Lastly, selling the house process is not slowed down due to mortgage tenders when you choose us.

If you are wondering whether this is a good time to sell your home in Preston, the answer is yes. The booming housing market of Preston provides you with an excellent array of potential buyers. Moreover, the increase in property prices means you can achieve your financial goals if you sell your house right now. Get in touch today and sell a tenanted property or house with us. 

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