When is the best time to sell my house if I want to be moved by Christmas?
Bear with Us...
Our aim isn't to wish the year away, and believe us, we are certainly not yet thinking about which colour scarf to buy our Great Aunts this year – however – we are already thinking about the importance of acting now in order to secure and be in your perfect home by Christmas
'Tis The Season To Think About Selling Your House.. Fa La La La La.
Did you just say Christmas?!
Hard to believe that six months can fly by, but when it comes to the housing market, especially the current one, six months certainly will. That is why we wanted to give you a gentle nudge, not to buy the turkey, that only takes five minutes. Instead our encouragement lies with thinking forward, and planning your next move now, to be in time for the season.
June's House Price Index
The price of property coming to the market has hit a fifth consecutive record with an average listing price of £368,614. This is the smallest increase since January, as the pace of price increases starts to slow.
Annual growth is still on track to be 5% by the end of the year, with restraints in affordability, a better balance between supply and demand, and the usual seasonal price drops contributing.
Buyer demand for each available property is down by 8% in May compared to April, but still remains 6% higher than last year, and more than double (+113%) the pre-pandemic five year May average.
There is more choice for buyers, with a 7% rise in number of properties for sale compared to this time last year. This is however, still below 2019 levels.
Why Now, If Christmas Is Still Half A Year Away?
As the pace of the market eases, it is still higher than what was once considered normal. Successful sales are still occurring, and significant interest still comes in for properties, however, the slow down in the second half of the year will be impacted somewhat by price rises, as many will face affordability challenges.
How Long Is It Taking A Purchase To Complete?
As it stands, currently completion is taking 150 days on average, after agreeing a sale. This is 50 days longer at this time in 2019. Those who are hoping to complete a deal in time to enjoy Christmas in their new home, need to bring their property forward to the market within the next few weeks to give themselves the best chance of finding a buyer and completing the transaction in time.
Completion times are currently frustratingly long, and things don't look set to change in the coming months. As there are a high volume of buyers wanting to purchase, there would need to be a shift in either increased houses available, and/or a much lower buyer demand to correct and balance the market.
It Isn't All Doom And Gloom!
The excitement and energy behind moving still very much exists, and at Harrisons, we are very much on boar with you whilst on your journey. As frustrating as it is to wait longer than usual for you to get the keys to your home, we speak from experience when we say how much it will all be worth it in the end.
That's why we are here for every question you have, and every enquiry you'd like to make.
Give us a call today on 01795 474848 for advice, but please bear in mind, we do not sing carols in June.
Or, why not try our our instant valuation tool to get an idea of the value of your home