“Myself and my team here at Springbok Properties have helped homeowners all across the UK sell their homes quickly. Find out why we are your number one choice.”
“Myself and my team here at Springbok Properties have helped homeowners all across the UK sell their homes quickly. Find out why we are your number one choice.”
If you’re planning to sell property, you may want to know whether it is currently a sensible time to do so. Is there a best time of year to sell a house? Where are we in the current property market cycle - or have current national and global events forced it out of sync?
In this article, we examine whether the time of year - or indeed the year itself - will have any effect on the success of your property sale. Finally, we’ll look at your house itself and help you to decide whether it’s worth holding onto it for a little longer, or whether now is the time to sell.
Opinions on the “property market cycle” differ between sources depending on where you look. According to many experts, there is evidence of an 18 year repeating pattern that dictates booms and crashes in national markets.
Between years 1 and 7 of this cycle, property prices begin to rise slowly as they recover from a previous crash. From year 7 to 14, there is an “explosion” in prices, rising to a peak, then descending between year 14 and 18 as the cycle enters the “recession phase”.
From there, the pattern allegedly begins afresh.
While many real estate experts swear by this process, others are sceptical.
For example, Andrew Baum, Professor of Practice at the Saïd Business School, University of Oxford and Chairman of Newcore Capital Management, was quoted by Savills in 2017 as saying:
“We have no strong evidence for 18-year property cycles. There have only really been three big crashes in history that we would regard as reliable evidence – and the two gaps just happened to be 18 years apart. There’s a danger that we could be extrapolating too much from something that could be pure accident.”
If the market cycle theory is to be believed, the next crash may be due in 2026. However, recent huge global events - including international and internal politics conflicts and the COVID-19 pandemic - may have the potential to throw this pattern out of sequence.
Real estate specialists who follow this theory would naturally advise that the best period during which to sell would be somewhere between year 7 and year 14 - during the “explosion”. Of course, the closer to the peak, the higher the price for which your property would sell.
We highly recommend that you undertake your own research into the property cycle and decide whether or not you believe evidence to support or disprove its existence before you take steps to sell your home.
Next, we explore shorter-term considerations, helping you to decide when would be the best time to sell a house in terms of the time of year.
So, when is the best season to sell a house? Is it spring, summer, autumn or winter?
March is almost invariably the best month to sell a house. This time of year is particularly popular for a number of reasons.
With more hours of daylight comes the capacity for more viewings - particularly in the evenings, which makes things easier for buyers and sellers who work typical office hours.
Naturally, it is possible to hold viewings in the darker afternoons and evenings of winter, but this is less appealing to house hunters, and properties really look their best with plenty of natural sunlight.
Many savvy sellers are aware that the process will be faster and more effective if they are able to get their property on the market during the warmer, brighter months of the year.
Autumn, winter and early spring tend to see lower temperatures, more rain - and even hail and snow.
Potential buyers are rarely keen to travel to properties in weather of this kind, and, while an attractive arden or outdoor space may seal the deal in the warmer months, it is unlikely that house hunters will be able to take them in properly when it’s grim and wet outside.
This is why spring and summer tend to be the best time of year to sell a house.
The general availability of the UK’s public is usually better during late Spring and early summer. Easter half term ends in mid-April and the longer school summer holidays tend to run between July and August.
As a result, this is the time during which most families travel abroad or to different parts of the country. This includes buyers, sellers and real estate professionals, which means that there is less general availability across the board for all players involved in property transactions.
Holidays can be expensive - so household budgets may be more flexible before July and August than they are likely to be afterwards.
Peoples’ finances will also have had time to recover from the costs incurred through winter festivities, which means that many will feel more comfortable with the concept of spending on a deposit and other property related expenses.
So - mid to late spring and early summer are almost always the best times to sell property. Mid to late summer is far less popular due to it being holiday season, when many people travel overseas or elsewhere in the country.
This can prove a drain on budgets as well as affecting availability.
Autumn is a daily popular time for property transactions, particularly as there is regularly a rush to move into a new home in good time before Christmas. However, the weather is less pleasant and the days are shorter, making the window for effective viewings far smaller.
Winter is the least popular time to sell or buy property, and December in particular. This is due to the festive break, when many businesses close or slow down significantly, and household budgets are at their most stretched.
What’s more, most people are too busy to handle a property transaction at this time of year, with social calendars filling up with events and family gatherings, as well as decorating and shopping for food and gifts.
Next, we’ll take a look at more factors you should consider when deciding on the best time to sell your house.
Property values can also rise and fall locally over periods of time, so one of the most sensible ways to decide whether it’s time to sell is to keep track of current house prices in your neighbourhood.
Not only can you see what is on sale at the moment by checking out local estate agency websites, but you can also find out what has recently been sold.
Platforms like Rightmove and Zoopla display the previous sale prices of properties for everyone to see - so all you need to do is to search “Rightmove” or “Zoopla” followed by “sold house prices”, then enter your postcode.
The sites will then display all the properties that have sold in your area. Try to find the most recent transactions - and be sure to check that the properties in question are as closely comparable to your own as possible.
To do this, you should consider each property’s:
You should also take a look at sale prices of similar properties from further back, as this will give an indication of the trajectory of local real estate.
If values appear to be gradually - or even swiftly - rising up until recent months, this is almost always a good sign that your locality is “on the up”, and that selling now would be a smart move.
If they have remained very much the same for a long time, your area may have “stagnated” somewhat, so it could be worth staying put.
However, if prices appear to be dropping, selling now could actually still be the sensible option, as the longer the wait, the more likely you may be to miss out on the best possible result.
While local house prices usually follow the trajectory of the wider national market, they are also affected by more specific issues such as the perceived attractiveness of the neighbourhood.
New employment opportunities - such as a branch of a major company opening nearby, or improved transport links - such as additional train lines or bus services extending into the area, will encourage greater interest in local property.
Conversely, changes such as the closing of popular local shops and hospitality outlets, a rise in the crime rate or the opening of an unappealing establishment such as a sewage works may have a negative impact on the desirability of the area and therefore push prices down.
You should also consider whether it is a good time to sell in terms of your own progress in relation to the property. By this, we mean:
It is worth considering every one of these matters before you take steps to sell your property.
Even the smallest cosmetic changes - such as a lick of paint or new kitchen cabinet doors - may be sufficient to raise its perceived value.
If you took out a mortgage to purchase your property - and if you have been making repayments for some years - we strongly recommend checking how close you are to paying it off in its entirety before you sell.
This means that you will own 100% equity and will therefore be much more likely to turn a profit when you sell. If you are fairly close but wish to sell soon, you may be able to make additional payments to cover the remainder - but be careful. Early repayment charges can be significant.
The amount of equity you own in your property can be calculated by subtracting the remaining mortgage amount from the current value of your property.
You can get a strong estimate of the current value by asking for a free valuation from an estate agent, or by examining recent sales prices in the area in the manner described in the “Keep an Eye on Property Values Near You” section of this article.
Once you have subtracted your remaining mortgage amount from this, the final figure will reflect the amount you will be likely to receive as the result of selling your property.
If you don’t feel like this is enough yet, it may be best to wait until you have made more mortgage payments in order to grow your equity further.
You may also be able to remortgage your property. When you do so, if it is found that the value of the house has risen since you purchased it, you will then own more equity in the property. This may well be worth pursuing if you are thinking about selling in the near future.
Legal covenants, restrictions or disputes can destroy your chances of selling. If a potential buyer was not aware of these issues upon making an offer, and if searches then reveal them, that buyer is highly likely to drop out - as they probably won’t want to take on this kind of challenge.
If there is any possibility of resolving these legal matters and thereby removing them from your property’s current records, the risk of the sale falling through will be far lower, and the likelihood of selling for the best possible price will increase significantly.
Finally, the matter of planning permission may seem unusual, but it is actually a common sale technique.
If you feel that your property has the potential to be extended or improved, and if any work of this kind is likely to require permission from the local planning authority, it may be worth applying and seeing that permission granted before you list your home for sale.
Potential buyers will see that permission has already been granted, and may pay over the odds for a property in order to avoid doing this work themselves.
There are a number of ways to ensure that you are ready for a property transaction when the time arises. The first is to try to remove any “chain” associated with your house - for example, buy moving into rental accommodation so that your buyers will be able to move straight in.
This will not only make things move faster, but being able to include the phrase “no chain” on your listing will be likely to render your property more attractive to buyers. It will suggest to them that the purchase will be quick and easy and will have a reduced chance of falling through.
Some sellers may decide to request “cash buyers only” for their property. This means that they will only accept offers from people who have immediate access to all the funds required for the purchase. This excludes anyone reliant on a mortgage or other finance options.
While you will be “narrowing your audience” in doing this, you will likely experience a swifter, easier process once you find the right buyer.
This is mainly because you will not need to wait for them to be approved for a mortgage, and, as they will not be part of a chain, there is a far lower chance of any fall-through.
The downside is that many cash buyers will attempt to place below-asking-price offers, as they may expect some form of discount in return for an easy and smooth process.
You don’t need to use an estate agency to sell your property - and, indeed, if you wish things to move quickly, it may be best not to.
In order to get your property sold fast - and therefore gain access to the funds required to buy your new home at the right time - you may decide to sell at auction rather than use a traditional high street estate agent.
Typical estate agents take many months to sell property - particularly as they need to attract interest from buyers, set up viewings, liaise with both your solicitor and the buyers’ and handle a range of paperwork.
This method also runs the risk of sales falling through, or lengthy chains causing the process to drag on for many months.
Auctions, on the other hand, take place over a set time period - at the end of which, you are much more likely to have a confirmed buyer for your home.
Traditional auctions are usually the quickest, as bidding usually takes place at a set time on a single day, at the end of which the winning bidder must enter a legally binding contract to purchase the property. This must be done within a certain time frame - usually 28-30 days.
Modern method auctions take slightly longer, as they tend to involve a property being listed online for several weeks, with bidding possible for as long as that listing remains “live”.
The buyer then has a set period - also usually of 28 days - to undertake actions such as applying for a mortgage, instructing a solicitor and arranging surveys and checks. Once this is done, they usually have another 28 days to complete.
If any issues arise between the time the gavel falls and the date given for completion, it is possible for the sale to fall through or the buyer to drop out, as modern method auctions are “conditional”.
Another alternative is the use of a “we buy any house” or “fast cash buying” company. These organisations will make an immediate cash offer for your property and can purchase in days or weeks instead of months.
They are able to complete the process so quickly because the organisation buys directly from the seller, removing the need to wait for buyers to place offers or for chains to complete.
It is important to note that fast home buying companies are unable to make offes of 100% market value - as their business model requires that they purchase at a discounted rate and sell on the open market in order to make a profit.
For this reason, you are most likely to receive an offer of between 70 and 85% of your home’s value if you choose this route.
However, companies of this kind often waive agency and valuation fees and cover legal costs on behalf of their clients to make their services more cost effective and attractive to potential vendors.
Always check that your chosen organisation is a member of the National Association of Property Buyers (NAPB) and/or The Property Ombudsman Scheme (TPOS) and look at their reviews on sites like Trustpilot, Reviews.io, allAgents and Feefo before you commit to using them.
So: is it a good time to sell a house? The answer depends on all of the above factors. In order to decide, you should ask yourself the following questions:
If all of the answers to the above questions point to promising results, then now may well be the best time to sell your house.
If you are seeking a quick sale with minimal stress and complication, our property specialists can assist you. Simply contact our team today for a no obligation cash offer.
If you are happy to go ahead with this initial valuation, we can buy your property in as few as seven days.
