Hold on to your house – summer could be the best time to sell
According to Land Registry data, selling your home at certain times of the year could be key to achieving a high selling price.
Whilst all the talk of a somewhat “flat” housing market continues, it is good to hear that actually, there could be room for some hope – and all it boils down to is the right time of year.
Experts have used Land Registry sold price data and monitored house prices achieved over four seasons. They have also looked at how other indicators, such as Brexit, have affected the market overall and the findings are very interesting.
Amazingly, the warmer weather and longer evenings do have a positive effect on the market, as June and July particularly see higher than average sold prices. However, this is not just a summertime theme, because if you purchase your property during August you might just get the worst price possible. Prices then gradually climb again between winter, spring and summer before falling again in the autumn.
In fact, the data claims a direct link to the price and the temperature. Every degree means an average change of £2,150 in house prices. This equates to an increase of £1,461 for every degree increase in the weather and a drop of £2,838 for every degree the temperature drops.
In winter last year, the average sold price was £291,810 – jumping to £293,347 when spring arrived before peaking to 301,321 over the summer months. However, these averages fell back down to £289,833 during the autumn.
It means you could potentially get a bargain if you are looking to purchase a property, but if you want to sell, the best time to do so is May-July, according to the Land Registry data.
If you would like some help either purchasing or selling a home, contact the conveyancing team at Downs Solicitors to see how we can help.