The property market is a constantly changing entity, and one that provides a challenging climate for owners. While 2016 saw exponential price growth that placed many potential buyers out of the market, for example, the last financial quarter has seen home-owners lower their valuations as activity has slowed considerably.
The depreciation of the market is largely attributed to the impact of Brexit, while the 35% of UK homes that have slashed prices represents the highest level of discounting in six years.
With this in mind, it’s hard to identify a viable window in which to sell your home and achieve the optimal price point. There are some generic rules to adhere to when scheduling your sale, however, and we’ll discuss these further in post below:
The Summer Months – Addressing the Peak Time for House Sales
These general rules are most accurately applied to residential property development, and it’s generally considered that the summer months between June and August represent the peak period for house sales. Smaller properties and flats sell particularly well during this time, as people’s finances have recovered during the New Year and the improved weather tends to driver a higher level of consumer sentiment that empowers spending.
This may not be the best time to sell a family home, however, as the school holiday and the onset of a new term in September means that those with children are preoccupied in the summer. For others, the increased levels of activity can increase demand and the premium that they apply to their homes, so this could be a consideration for some vendors.
The Trough – Struggling Through the Autumn and Winter Months
Between November and February, there is a belief that buyers enter hibernation and refrain from any activity. This is largely due to the festive period, which costs a huge amount of money and forces all but the most serious buyers to shelve their plans until the New Year and the onset of the warmer weather.
Surprisingly, late September and October also showcase a decline in activity on the property market. While there remain ample opportunities to sell your home in the autumn months (with families particularly active during this period), sales volumes are still lower than during the summer months while the lack of competition can also cause prices to stagnate.
We have definitely seen this over the course of the last few weeks, so it’s important to keep in mind when scheduling a sale.
The Last Word
Ultimately, the best time to sell your home will usually depend on your personal circumstances, valuation and the precise type of property that you own.
Still, understanding the peaks and troughs within the property market can help you to operate more strategically, as you identify viable windows when the demand for your home is likely to increase.
This should increase the speed of any potential sale, while also enabling you to realise the optimal level of value that exists within your home.