Flats can take a long time to sell.
This is partly because there is a high supply of them.
Knowing what time of year to sell your flat can help save you weeks or months of effort and uncertainty.
Factors to think about
Lots of different factors impact the ideal time to sell your property.
Property conditions
The type of flat you are selling can make a big difference to how long it will take you to complete a sale.
For example, retirement flats are the most difficult flats to sell.
The condition of your specific flat also matters. So, decorating even a small flat is advisable to help make it stand out.
Market conditions
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 offer. But how close they are likely to be to your asking price.
A rise in interest rates 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.
Location
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.
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.
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.
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.
