How to know whether now’s the right time to sell
There’s usually a trigger that causes someone to want to sell their home and move, which means you might not have the luxury of choosing the best time of year. For example, you might have a new child and need more space.
But for our customers who don’t need to move straight away, one of the questions we’re often asked is: “when’s the best time of year to sell my house?”
The best time really does depend on what you’re trying to achieve with your move. It could be the certainty of an easy move while the market is fluid or achieving the very best possible price to secure the next dream move.
Ultimately, the best month or season to sell varies from area to area and year to year. The best way to know is to start the conversation with a valuation from your local Felicity J Lord branch, but we’ve put together some guidelines below based on our experience in the industry.
Selling in Spring
Spring is traditionally thought of as the season when the housing market awakens after a quiet period in the winter. It’s a hot contender for ‘best time to sell’ and is also a very popular and active time in the market.
The supply of new build properties sold in Spring leads the seasons, contributing to 10% of all property sales. Although sales of new builds in London are higher in Summer and Autumn.
Demand in London is also higher from buyers during Spring, with the number of buyer registrations accounting for nearly 30% of the yearly total. It’s also the time when 30% of new listings come to the market during the year, so although new builds aren’t as high during this period, Spring is a popular time to buy and sell in London.
Selling in the Summer
One of the best reasons why summer is a great time to sell is it gives the best chance of a dry moving day!
In London, Summer is the season when the majority of sales happen around the city. This is largely down to the listings from Spring receiving interest and a supply of new homes still coming to the market.
New listings in London start to decrease in Summer. This could be down to holiday lulls and those wanting to sell starting the process in Spring.
New build sales in London during the Summer reach their peak selling period, with the improved weather meaning that building projects can progress.
Selling in the Autumn
Autumn remains high for sales in the City and beats the number of properties sold in Spring. Autumn is a time when a lot of those who listed in the Summer move. Autumn can also be a great time to capture a property’s outdoor features, as the colours are unique and the weather is often still quite mild.
Demand for new build properties in London does decrease to more of an extent, with 3.5% lower sales in Autumn then Summer. This could be as the days get shorter and building production starts to slow down.
Selling in the Winter
Winter is usually thought of as one of the worst times to sell. This is because transactions are at the lowest and there’s a lull in property coming to the market too.
But it’s not all bad – there are lots of new buyers interested in moving at this time, which means there’s demand but very little competition. In London buyer registrations with Felicity J Lord are much higher than in the Autumn and new listings increase slightly in Winter as well.
Selling your home in the New Year
After Christmas there’s an explosion of activity in the market. Rightmove traffic in December 2017 was an average of 22.6m per day. Fast forward to January 2018, just one month later and it’s 38.2m per day. That’s a boost of almost 70%, making the new year the time when demand picks up most rapidly.
A lot of agents talk about the Boxing Day spike as the best time to launch to the market. In 2017 Rightmove traffic went from 11.7 million on Christmas Day to 21.9m on Boxing Day (need some room for all the prezzies).
But the most important thing to remember is 50% of views online in the first month of a listing come in the first week. That’s why Boxing Day gets beaten hands down by the 2nd January as the best time to launch a property.
The New Year is a real contender for the best time to sell as the lack of supply and higher demand means that astute newcomers to the market can steal a march and get moved early.