When is the best time to sell a house?
In today’s current climate it can be difficult to gauge when the right time is to sell your property. Whether it’s your first time or you’ve had experience, putting your home on the market is a tremendous life event; you want to get the timing exactly right. According to conventional wisdom, putting your property on the market in springtime gives you the greatest chance of achieving the best price in the shortest amount of time. Traditionally, August is one of the worst months to sell your property due to children being off school for the summer holidays; for many families house hunting takes a back seat. You might also want to reconsider listing your property from December through to January as people are preoccupied with Christmas and New Year (not to mention the damp soggy weather makes house viewing less appealing). If you’re in the privileged position of being able to choose when to list your property, then we suggest taking your time with the process.
Which month is best to sell a house?
So, we have established that Spring is the best time to put your house on the market, but more specifically, which month has proven to be the best? According to The Advisory who have put together data from Rightmove to determine which month is the best month to list your property, March came out on top. According to The Advisory, on average, selling a property in March takes 57 days whilst in December that goes up to 79. March is a great time to consider advertising your property as the cold, damp slog of the winter months is behind us and people are very much looking forward to the lighter and brighter days. With spring comes abundance, and this is also translated onto the property market as hopeful buyers become more motivated to go out house hunting.
Another reason why March is the best time to sell is due to spring coming into full effect and gardens showcase recently bloomed flowers. A refined garden can really boost the appeal of your property and the soft lighting of spring will help to accentuate your property’s features. Figures show that following March, April through to June are stable months to sell your property. The months of July and August are not ideal months to sell however the property market picks up again in mid-September through to late October. In November the surge in interest drops again and doesn’t pick up until the following March. A rule of thumb is to aim for a springtime sale and avoid August and December.
Is now a good time to sell a house?
Despite the on-going effects of COVID-19, homeowners are still in a position to sell their properties. Earlier this year, the chancellor Rishi Sunak announced that a stamp duty holiday in England and Northern Ireland would be in effect until June 2021. In England and Northern Ireland, until the end of June, buyers didn’t have to pay any stamp duty if they were purchasing a property worth less than £500,000, unless it was a second home. From the 1st July 2021 the rules changed so that no stamp duty would be paid on the first £250,000 of the property’s value. This will last until 30th September 2021, before it returns to £125,000 on 1st October 2021.
As the stamp duty holiday begins to wind down, so does the UK housing market boom. What we can expect to see in the coming months following the relaxation of the stamp duty tax is a steadier housing market; sellers can be assured that the market will return to a more reliable climate, as seen pre COVID-19.