The UK housing market is one of the most active and enterprising in the world. Despite the shake-up caused by rising and then falling interest rates in the last few years, buying in the UK remains as worthy an endeavour as ever; however, when it comes to selling property, the market can be far more complicated.
The time of year, buyer psychology, and ongoing economic changes and trends all influence the attitude of buyers. From a seller’s perspective, these present real hurdles to successfully selling any property. Timing the sale of a home can have a noticeable impact on the result, both in terms of how quickly it sells and the price it fetches. For those with significant property, the window in which a home enters the market may sometimes matter more than most sellers realise.
Is There A Best Time Of Year To Sell A Home?
Throughout the year, the property market will remain active in major cities around the country, especially London. However, various considerations come into play at different times of the year that have a tangible impact on buyer activity. In the build-up to the start of a new financial year, both buyers and sellers can be very motivated to ensure they close on the sale of a house before the start of April, as this can have significant tax implications for both parties. The reasons for this could be anything from income tax declarations to stamp duty, or changes to buyers' tax-free allowances.
It would be just to conclude that the best time of year to sell a property of any kind would be from January to March. In reality, if a property owner is looking to make a sale happen before the start of April, they will need to have accepted an offer by the beginning of January, as the time to close the sale can be considerable. Conveyancing usually takes up to three months to complete all necessary property, financial, and legal checks, but it can take more than double this amount of time if the sale is complicated by any mitigating factors.
Arguably, selling a home between the months of September and December works best for allowing as much time as possible to complete the sale. This would factor in the time from listing the property on the market to exchanging keys and moving out, offering a considerable amount of time to sell before the beginning of April. But what if the seller doesn’t need to complete a sale before the start of a new financial year?
Seasonal Buyers vs Property Appeal
The type of property being sold can be just as important as the time of year it’s listed for certain buyers. Large family homes tend to follow the academic calendar, with parents unwilling to upstate the status quo unless it is in their interest. A five-bedroom house in a sought-after area is most likely to attract offers when buyers are planning for the school year, especially if their children are on the verge of ageing out of their current prep or primary school.
On the other hand, apartments, especially those found within city centres or on major rail lines, tend to see more fluid interest throughout the year. Working professionals, corporate buyers, and investors are perpetually interested in good-quality properties. Provided it is in the right location, it will not matter what time of year the sale happens, as long as the owner doesn't experience any delays with the sale. Should the process of buying the property become too complicated or drawn out, the buyer may lose interest in favour of a quicker option and decide to pull out.
Properties in other desirable destinations, such as coastal areas or the countryside, often perform well in spring and early summer, with favourable weather helping to max out their appeal. However, these markets can go very silent during autumn and winter, and with fewer remote working opportunities, prices have begun to stagnate as interest wanes. With that being said, a property sold in a particularly desirable area should receive no shortage of offers, no matter the time of year.
Market Conditions And The Impact On Buyers
Beyond seasonal or individual property appeal, wider market factors may impact buyers' potential, and the knock-on effect will make it harder to sell a property. If the national interest rate increases, not only will this impact mortgage markets, but it will also affect prices market-wide, possibly prompting a seller to lower their prices if interest and buying power are on a downward turn.
Of course, the opposite could be true if interest rates fall, prompting a rise in property prices, which would benefit the seller, but again, depending on the potential of individual buyers, this could still force sellers to lower their prices if the market isn’t particularly active, or becomes highly competitive. For sellers, the challenge lies in pairing seasonal insights with the present reality of the financial market. If interest rates are stable and the economy is growing, launching a well-positioned listing before the summer market begins or, at a lower price – to invite competing bidders during strong market competition – can pay off.
Another key consideration is the profile of the likely buyer. In slower months, such as mid-winter, the overall volume of viewings at a listed property might be lower due to less interest in the market, but those who do book a visit can be highly motivated to move fast on a property they like. Depending on the type of property, a focused market with fewer buyers can be easier to navigate than a busy one filled with hesitant buyers, or those who may be more vulnerable to wider economic trends and activity.
Homes That Are Ready To Sell
For those wishing to sell their property, timing, markets and buyer motivations are factors that a seller can’t always influence. What they can control, though, is the condition of their property, ensuring it is ready to sell when the time comes, and that it dazzles would-be buyers. A beautifully presented property will always outperform one launched to the market hastily, without preparation. This means high-quality photography that showcases the home in every favourable angle, choosing an exemplary realtor to sell with, and securing the property against any potential pitfalls from conveyancing.
Ensuring all property documentation and registers are checked, up-to-date and fully compliant with the law can speed up the time it takes to sell a property significantly, especially older or listed properties. Sellers who are more flexible with completion dates can afford to start the process a lot earlier and take significant pressure off completing the sale. Whatever the market conditions or season, the most successful sales are those that feel considered and well-timed, from both the buyer’s perspective and the seller’s.
