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When is the Best Time to Sell Your House?

When is the Best Time to Sell Your House?

There are a number of different factors that impact how quickly a property will be sold, including the time of year that a property is put on the market.

In this post, we will explore the best time of year to sell a property, should you be in the position to choose.

What Time of Year is Most Favourable to Sell a Property More Quickly?

Traditionally Spring is considered the best time to sell a property for a number of reasons including an improvement in the weather following winter and the availability of natural light each day which aids both marketing property and when potential buyers visit in person.

Rightmove publishes average selling date data, representing in which months have the best and worst average days to sell a property.

It may seem surprising that the worst time to sell according to this data is in the autumnal months, before Christmas as traditionally winter was deemed the worst time to sell a property due to the gloomy days with minimal natural light. In addition, following Christmas, buyers may be recovering from any additional expenses and looking ahead to the spring market.

The Link Between Selling Time and Property Price

There has been a link known within the property industry between the time a property is on the market and the price that the property sells at.  Keen observant buyers will know how long a property has been on the market and may use this to their advantage hoping the vendor will accept a lower offer.

Supply and Demand Impacting Property Sales

Supply and demand do impact the property market.  Ideally, the best time to sell is during a period of time when there is high levels of demand and relatively low levels of supply, therefore when lots of potential buyers are seeking to move and there are fewer properties on the market competing for the sale.

There are a number of ways to source the data to establish the current supply and demand trends such as reviewing the NAEA national monthly housing report, researching Rightmove for properties on the market and following the latest mortgage application data to provide a sense of the position of potential buyers.

Why not visit or contact your local Ashtons branch?

Does the Type of Property impact the Best Time of Year to Sell?

There are certain trends within the property industry regarding the best time of year to sell certain types of properties, linked to the target market, as follows:

  • Smaller flats and terraced properties – Smaller sized properties are most suitable for first-time buyers and young couples, who are often looking to buy in the months of January, February and September. Generally, young couples are keen to make a new year’s resolution to purchase their first property after spending their last Christmas at the family home, and therefore are eager spring buyers.
  • 3-4 bed family homes – Medium-sized properties are geared towards the buyers that are seeking their next step on the property ladder, perhaps after starting their property ownership journey in a flat or terrace. The target audience could include young families or professional couples seeking to settle down and have enough space for children within their next property.  As such, school holidays may be a factor within their property move timeline as either a move needs to have taken place before the school application deadline or they may wish to have been moved in by the holidays in order to start to unpack and get organised.
  • Bungalow and retirement properties – The target market for such properties are likely to be the more mature home buyer who may be less pressured with timeframes such as school holidays, however, may prefer to move during the warmer months.

 Other Considerations that may Impact the Best Time to Sell a Property

If you are aware of any major developments works that are seeking planning permission within the local area, such as new roads or major construction projects, it may be worth undertaking some further research into the details, as such developments may impact not only the offer price on the property but also the timing that would be most suitable to put up the for-sale sign.

For example, large scale projects may bring additional jobs to the area, new transport links or even additional resources such as newly built, modern school.  All of which are likely to increase demand on properties and in turn, impact the local property prices for the better.

In this scenario it may be worth holding off selling until the works are complete or at least the planning applications have been approved, for the benefit, also ensuring that the estate agent is aware of the development to include the details within the marketing materials for the property.

However, new mobile masts or green energy farms such as solar fields or wind turbines can be more controversial and can have a negative impact on housing prices, in which case it may be advisory to sell before the works start.

Summary

Making that big leap and deciding to sell a property can sometimes be overwhelming, however, choosing the right estate agent who will support you throughout the process, will make the journey as stress-free as possible.

If you’d like to find out more about how Ashtons can help you contact one of our branches for further information.

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