It is widely held that the property market becomes stronger in the spring, picking up again in the late summer and early autumn. Your property is more likely to sell quicker when the market is strong and demand is high. This means it is a good idea to keep an eye on the property market and remember to monitor prices.
Of course, property sales are also affected by interest rates with fewer people willing to take out mortgages when the Bank of England intends to raise interest rates. Our advice is to observe what is happening in your local area, ask estate agents what they are selling and search online property transaction databases to keep in the loop.
If you intend to buy and sell a home at the same time, it is a very good idea to put your house up for sale before you start looking for new properties. Many buyers even wait until they have had an offer made on their property to avoid disappointment. You would also be able to time the process more effectively because you will have an idea as to how quickly you can sell and then you can estimate the price of what your new home can be.
Spring Into Action
It’s no surprise that March is the month home-movers spring into action and the best time of the year to put your property on the market. April is the next best month to sell, based on competition between buyers for each available property, followed by May.
For starters, lots of buyers and sellers are eager to get into a new home for the summer months, with many home-movers putting gardens and outdoor space at the top of their wish-lists.
Also, for the past five years (excluding 2020), March is when there are usually the most buyers enquiring about properties for sale. This creates competition between buyers, giving sellers the best chance of securing a sale.
The number of new listings coming to market is also typically highest in March, but because buyer demand is usually so high, it’s still the strongest month to sell. For sellers conscious of coming to market at a time when the number of new listings has traditionally been high, data shows that the level of demand in March means sellers are likely to meet with multiple potential buyers competing for their home according to Rightmove’s Tim Bannister..
How Can I Be In A Good Position To Buy A House?
Spring is already shaping up to be busy. There is an increase in already high levels of buyer demand, as well as the number of new sales listings coming to market. Meanwhile, the number of requests to estate agents from future sellers to value their homes is up 27% since the start of the year, compared with last January.
If you’re thinking of selling, you’re probably looking to buy as well. Due to the speed and competitiveness of the market, estate agents state that you should have your current property on the market, or preferably sold subject to contract, to give yourself the best chance of securing your dream home.
Mortgage In Principle
If you haven’t got a mortgage agreed in principle yet, you’ll save valuable time by starting this process now. The first two things a sellers’ estate agent will ask is to provide confirmation from a lender that you are able to apply for a mortgage to cover the cost of the property, and proof of funds to pay the deposit.
First time buyers and property investors alike – get your conveyancing quotes quick and for free today. Compare conveyancing wherever in the UK you are. Make a conveyancing price comparison immediately.