There are certain months which have been shown as the best for property sales in the UK. However, there are many different factors which can affect whether or not a property sells and how fast the sale happens. Read our quick guide which explains everything you need to know about when to sell your house, and which time of year will help maximise its value.
Is There A Right Time To Sell Your Home?
It is often said that spring is the best season to sell your home and that in general you should try and avoid the summer holidays and Christmas period when people are most likely away. However, there are differences between the four seasons. For instance, selling in summer may be impacted by school holidays whereas selling close to Christmas can also have negative effects on property exchanges. It is, therefore, important to consider which time of year will be best for your sale.
Selling A Property In Summer
Summer, meanwhile, differs slightly. Though the summer months are popular for moving home as the weather is more agreeable in the UK, it can also be a difficult time to sell a house. The reason for this is that a lot of buyers and sellers in the property chain have families. Therefore, selling a house during the school summer holidays may be trickier or slower as families may be busy or away on holiday abroad. July and August, hence, tend to be slower than average to sell homes than other months.
Selling A Property In Autumn
Autumn, on the other hand, can be a good time to sell – particularly if you are in a location where the weather is still mild and there are no major national holidays. For example, October tends to have relatively fast house sales. However, once you move into November and December, the number of potential buyers can dwindle substantially due to the colder weather.
Selling A Property In Spring
As previously mentioned, Spring is commonly hailed as the best time of year to sell your house. This is because people are not yet away for their summer holidays. Not only that, but properties tend to look better at this time of year as you can usually view the property with a large amount of light and houses with outdoor space are likely to have the garden in full bloom. Spring might therefore be a good time to consider putting your property up for sale.
Selling A Property In Winter
Winter is best avoided as it is a difficult time to sell, especially the closer to Christmas you get. If you are looking to sell in the winter months, it might be worth waiting until January when it tends to be quicker to sell your house on average than in other winter months.
Which Month Is Best To Sell A House In The UK?
Data shows that selling a house in early autumn will secure a faster sale.
Analysis from Rightmove shows that the properties sell fastest in the month of March with an average of 57 days to go under offer. The less time your house is on the market, the better the prospects are for house prices. The same Rightmove data shows that properties take the longest to sell between October 15th and November 15th with an average of 79 days to go under offer. This may be as a result of these months being colder, and houses therefore not looking as appealing in photos or in person.
Do Different Property Types Sell Best At Different Times Of Year?
There is some data to suggest that different property types sell better at different times of the year. This is logical as different property types have different audiences when it comes to prospective buyers.
For example, for 1 and 2-bed flats and terraces, the target buyer tends to be first-time buyers and young couples. For these buyers, the best time to sell is usually January, February and September. These buyers are known to start home hunting in the New Year or after the school holidays in time for Christmas.
Bigger homes, however, are more targeted towards families who are either planning to have kids or who already have kids. For these homes, which tend to be 3 to 4-bedroom properties, the best time to sell is outside of school holidays.
Does The General Economy Affect When I Should Sell My House?
Evidently, during times of economic instability, it will generally be a bad time for the housing market and therefore not the best time to sell a home quickly nor for the best price. Sellers, therefore, may be forced to lower their asking price in order to sell as there is less consumer confidence and people are likely to spend less money.
In contrast, if the economy is doing well, more people are in work and wages are higher. If this is the case, house prices tend to be higher as more people are able to borrow money to buy houses. The more lending institutions are willing to provide, the more people can afford to buy property and thus house prices will rise. Hence, it is advised to wait until the market is hot and sell your house during these times and seasons to ensure you are given the best possible offer, and quickly!