When the time arrives to sell your flat, you will want the process to be completed quickly. If you spend several months hosting viewings and analysing offers, it can become tedious and frustrating. For most, the quicker you can sell your flat (once you decide to do so), the better.
Lots of different factors impact the ideal time to sell your property. Firstly, market conditions such as whether it is a ‘buyers market’ or a ‘sellers market’ can have a huge impact on not only how quickly you receive offers, but how close they are likely to be to your asking price.
There are other external factors which have a strong influence, too. A rise in interest rate may slow down the property market because it is less affordable for people to purchase a flat. Stamp duty rates can have an impact on how much interest you receive, too.
Sometimes, smaller details which you haven’t even considered will make a difference – such as whether there is a general election coming up, or local issues which are yet to be resolved.
It is important for you to weigh up all these considerations before making the decision to sell your house. However, another element which will impact your house sale is the time of year you choose to place it on the market. People often ask: are certain periods of the year better than others when trying to sell a flat fast? And how can I make sure to navigate this in the best way? Our blog below aims to outline how the time of year influences your property sale.
When is the best time of year to sell your flat?
Research conducted by RightMove in 2022 found that the best time to sell in the UK is Spring. More specifically, they found that March experiences the highest number of people looking for a property. While the motivations for this may vary, most families want to move into their new property before the summer, because their vacations throughout June, July and August may prevent them from moving property then.
If you list your property during early Spring, you are likely to receive more offers on it, and therefore stand a better chance of finding a buyer who meets your asking price.
When is the worst time of year to sell your flat?
Most experts agree that the worst time to sell your property is during the summer and the early winter months.
Throughout July and August, most families go away on vacation, and are therefore distracted from completing property transactions back home. House hunting is also a tiring process for buyers at the best of times and is even less tempting when the kids are off school.
Meanwhile, the months of November and December result in almost everyone focusing on their Christmas holidays, and therefore not thinking about uprooting their living situation.
Selling during quiet periods is a risk because if your property stays on the market for a long time, it will likely put potential buyers off. This can give buyers leverage when it comes to negotiating prices.
How much would my flat sell for?
If you are keen to get the maximum price for your flat (which most homeowners are) then you may be wondering: how much is my flat going to sell for? While the time of year is going to have an influence (early Spring always seems to be a great bet) there are other factors at play.
The value of your house will vary according to a few factors, including:
- Size
- Area
- Design
- Garden space
- Market conditions
You should also keep in mind that flats in certain parts of the country are much more costly than in others. For example, a flat in London is going to be much more expensive than an equivalent in Newcastle.
Finally, the true selling price of your flat may change after a survey has been completed. If the survey flags up issues which weren’t apparent when an original valuation was made, then this may negatively impact the value of your property.
Can I discover if buyer demand is high in my area?
Yes, there are methods for you to accurately find out the level of property demand in your area. To start with, The Advisory is an online site which enables you to enter your postcode and discover the answer to this question quickly.
Alternatively, you may wish to contact local estate agents and ask for their opinion on this subject. While they may be slightly biased (they are always keen to sell your property), it gives you a good sense of buyer demand from people ‘on the ground’. You could also contact independent property experts for an informed, reliable answer to this question.
