There’s no hard and fast rule about when the best time to put your home on the UK property market is. It depends on a number of factors, not least the season, whether or not interest rates are about to go up and how your own house hunting is going.
Then there is the local connection perhaps a few new developments where you live are getting all the attention? And what about road or building works? If there’s a major project planned in the vicinity it’s going to cause a lot of disruption and mess which, in turn, won’t exactly show your property at its best.
Generally, all things being equal, most estate agents advise selling at a time of year where nothing much is going on. That’s because you’ll have a much more ‘captive’ audience.
So, in keeping the above in mind March, April, May and June with their promise of warmer weather and no big planned festivities such as Christmas or summer holidays, are regarded as the best time to sell. Close in contention are September and October (when you can really go to town making your home a ‘cosy retreat’ potential buyers will find hard to resist).
Recently, we have noticed that late January and February have become a favourable time to sell because buyers are ready to make their resolutions a reality after Christmas. Time for changes and new homes are often high on the list.
Having said that April is a good time to consider selling, it’s believed the Chancellor will increase interest rates at the end of April this year. This means house hunters will be hit heavier in the pocket, which could put them off buying for a time. The good news is that the interest rate is only expected to rise by 0.25 per cent (or £44 to a £350,000 tracker mortgage) so it’s not a huge jump. And it’s not expected to rise for the rest of the year either.
The ‘chain’ effect
No-one likes the uncertainty of being in a property chain. And there’s a good reason for that. It means your own house purchase could seriously be in jeopardy if your buyer’s finances fall through (and he or she in turn could be waiting on whether or not their buyer comes up with the cash).
The ideal scenario is to have already sold your own home before you go hunting for another. Even having to rent for up to six months until you find exactly what you’re looking for, is better than ‘not knowing’ and finding yourself back at the start of both selling and buying again. Not only is this a waste of time, but also your hard-earned cash!
At Trading Places, we are able to support you through the whole process so that we can minimise the “chain-effect”. As experts, we are in our 20th year of business and we have successfully navigated lots of chains.
With our extensive local knowledge, we offer a lot of insight in what is going on in the area that will boost property prices, the best time to sell for your situation and the best way to position your property for the fastest sale and the best price. Call us today to find out how we are able to support you through the whole process of selling your house: 020 8558 1147