Are you hoping to sell your house soon?
Believe it or not, some times of the year are better than others when
it comes to selling a property.
There are periods when buyer activity is high – along with months where the market slows.
So, when exactly is the best time to sell your house? And which times should be avoided?
Keep reading our blog below for the answers you need.
When is the best time of year to sell a house?
Most property experts agree that the best time to sell your house is in Spring.
From March onwards, buyer activity is usually at its highest level. There are fewer major holidays to disrupt the process.
Houses usually look more attractive during Spring. Flowers begin to bloom, the weather is pleasant, and the days get longer.
This applies regardless of how you choose to sell your house, e.g., via online property platforms or other alternative property-selling channels.
Important caveat
However, remember there is no one-size-fits-all rule for when you should or shouldn’t list your house.
Some homeowners find that estate agents and solicitors are particularly busy during Spring.
This might mean that you fall down their priority list. So, choosing a less conventional month may work in your favour.
After all, it follows that estate agents and solicitors may have greater availability during the ‘quieter’ months. This means that you could receive a better service.
When is the worst time of year to sell a house?
Experts in the UK housing market say that the worst time of year to sell your house is during the school Summer holidays and the Christmas holidays.
This is because people are distracted during these times. They may have their children at home or be travelling.
This is more of a factor for larger detached properties, which bigger families with children usually buy.
Some younger buyers of flats may not have these problems. They could be flexible on timescale.
What is the best day to complete the sale of a house?
Most people try to complete the sale of a house on a Friday. This gives them the entire weekend to ‘settle in’ to their new property.
Many people find it easier to book time off work at short notice on a Friday, too.
The popularity of moving on Fridays means that solicitors and removal companies are often busy. Since a midweek completion is rarer, you may find it easier to book on short notice.
How do external market conditions affect the best time to sell a house?
The housing market also affects the best and worst times to move house.
Buyer’s and seller’s markets
If it is a ‘seller’s market’, then it may be worth capitalising on this by speeding up the sale of your property.
There are fewer houses on the market, so buyers may increase their price offers.
The opposite is a ‘buyer’s market’. This is when there is an abundance of houses on the market, which buyers benefit from and sellers lose out on.
1. Mortgage rates
Mortgage rates will affect buyer’s budgets and the amount they can borrow. Lower interest rates mean that mortgages become more affordable. But once interest rates go up, offers may decline.
2. Cost of living
A hike in ‘cost of living’ prices will likely result in reduced offers from buyers, too.
Local conditions
If there is uncertainty around issues in your local area, it may be worth waiting until you have clarity. Common examples include:
- Changing parking restrictions
- Rising crime rates
- New residential developments
- The closure of a nearby school
- Extra transport links
If the housing market is active, this doesn’t mean that the same applies for your local area.
Buyer activity can vary from town to town, so speak to a local estate agent.
There may even be street-level issues, such as problems with bad neighbours.
Does my property type affect the best time to sell the house?
Although it depends on the circumstances, your property type may be worth considering when deciding the best time to sell.
Larger families will usually move into detached houses. These people are more likely to be impacted by school holidays.
By contrast, a young first-time buyer moving into a flat may not care about these factors.
The Advisory states that January to February and September are the best times to sell to first-time buyers and younger couples.
They may be looking for a ‘new start’ during these periods. This is because they have finished their Christmas or Summer holidays.
For bungalows and retirement homes, your potential buyers are usually older. Statistics show that they are more likely to be busy in the housing market during the warmer months.
Does my location affect the best time to sell the house?
Although there are generic rules for the best time to sell your house, your location may impact the best course of action.
For example, you will want to avoid holidays specific to your location when people in the area will be busy. Common distractions include:
- An influx of tourists
- A several-week charity event
- Local celebrations
Your local council may throw a spanner in the works, too. New developments or changes to parking restrictions can affect your house’s attractiveness.
Does a busy housing market mean that I should sell?
If the housing market is busy, it doesn’t mean it’s a great time to sell your house.
The ‘January rush’ sees many people rush into the housing market as they start the new year. However, this often means that estate agents and conveyancers are inundated with requests.
Removal companies are more difficult to book during the busiest times of the year. Less conventional times may result in better prices and greater availability.
The housing market can be busy, but your negotiating power will diminish if it’s a ‘buyer’s market’. It might be better to wait until you hold more of the cards.
Consider your personal circumstances and finances. Upcoming events and milestones vary for each person.
Because a certain time of year is best for other people, it won’t always be the same for you.
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