Selling your flat requires careful planning and good timing.
National and local market activity matter, as does the time of year, how you prepare your flat, and more.
You should also think about your personal circumstances.
We’ve looked at some key recent stats about flat sales in the blog below.
What’s happened to flat prices this year?
At present (late November 2024), data from Zoopla states that flat prices have mostly stayed the same over the past 12 months.
Out of the four main property types (detached, semi-detached, terraced, and flats), flats are the only one that haven’t increased.
(It makes sense in part because of the differences between selling flats and houses.)
This is the overall trend of the entire United Kingdom. But, of course, each local market has its own patterns.
Regional trends for flat prices
In Newcastle, the average flat price has increased by 4.9% in the past twelve months.
Meanwhile, in Cardiff, there’s been a 6.6% growth in flat prices.
In Portsmouth, flats have decreased in value by roughly 5% this year.
Meanwhile, Aberdeen has seen flat prices drop by almost 1%.
This shows how important it is that you research flat prices in your local area.
It varies drastically based on where you are. This information can be found on the Office for National Statistics website.
How many people are selling flats at the moment?
This year, the number of property sales agreed is 25% higher than this time last year.
This shows that the market is becoming more active. This figure applies to flats, too.
Regional trends for property sales
Flats made up 45.1% of all property sales completed in London in the past year. This is higher than last year, but still less than it was a few years ago.
In Manchester, 24.3% of sales have been flats this year, and in Cardiff the number is 9.2%. This shows there’s still variation in the type of housing stock in each major city.
What will happen to flat prices in 2025?
Most experts think that flat prices will go up. The property market is expected to grow in value due to falling interest rates.
This will bring more first-time buyers into the market. And as demand for flats goes up, so does the price you can sell it for.
Of course, many economic predictions can be slightly off or flat-out wrong. So, caution is always recommended, as is not taking good conditions for granted.
Is it currently a buyers’ market or a sellers’ market?
At the time of writing, it’s a buyers’ market in the UK. There are still more sellers than buyers.
This puts the negotiating power in the buyers’ hands. But this is expected to level out, and perhaps even move in the other direction, over the next year.
Will interest rates keep going down in the UK?
Interest rates in the UK are currently at their lowest for almost 18 months.
There’s a direct relationship between interest rates and mortgage rates. So, when these go down, mortgages become more affordable.
Most experts predict that interest rates will continue to decrease over the next year.
Inflation has been controlled recently, which is one of the biggest influences.
This could only be scuppered by unforeseen policies in the Labour budgets.
Is it a good time to sell a flat?
As interest rates are expected to decrease, you can imagine that buyer activity will continue to pick up, as it has already done.
This means that now could be the ideal time to list your flat.
With a typical flat sales taking 6 months, listing your flat for sale now still gives time for it to be completed before the summer holidays.
This will ensure there aren’t major delays to the process once July arrives.
It’s best to avoid major holidays such as Christmas for listing your flat.
With children at home during this time, people are not focused on house transactions. They want to get them sorted before then – or delay it until the new year.
Think carefully about your personal situation. You shouldn’t let speculation about market changes affect your choice, as you can never be completely certain.
Instead, think about whether a change in living situation would suit you.
Considerations to make before selling a flat
Do you have the money to upsize, or are your bills too high? If so, downsizing could be an option.
Discuss your short and long-term goals with anyone you live with. Then sit down with a life-centred financial adviser who can consider all this.
Once you decide to go ahead, get several valuations on your property and listen to independent experts.
You’ll want to choose an efficient estate agent with excellent reviews. Ask about their experience with selling flats, too. This gives you the best chance of success.
