As the UK’s property market booms, even traditionally tricky to sell homes have been attracting buyers much more quickly than normal.
In some parts of the country where property is in high demand, houses are spending just days on the market before being snapped up by buyers. Expert believe this is fuelled at least partly by the Covid-19 pandemic after lockdown made people prioritise their living space, driving many to look for bigger homes or take the first step onto the property ladder.
It is estimated that 1.5 million homes will be sold in 2021 - more than in any other year since 2007. At the start of the year, the Office for Budget Responsibility had predicted that house prices would fall by eight per cent during 2021 but instead, the average property value has climbed.
By the end of December, the average home in the UK is expected to be worth £258,000 – 4.5 per cent more than the year before. But what do you need to know if you’re selling a house right now?
1. Find out the circumstances of potential buyers
Cash buyers who have the money ready to go and no home to sell themselves are usually the most attractive prospect for sellers as there’s no risk of chains collapsing and delaying the sale. If you want to move within a tight timescale, it is wise to make sure you know the circumstances of potential buyers before you decide whether or not to accept an offer on your property.
2. Listen to the professionals when it comes to asking price
You may have heard stories of people selling their homes for much higher amounts than they expected but try not to get carried away when coming up with an asking price for your home. Get the opinions of a few different estate agents and ask them for their views on how easy it will be to sell and what you should price it at. You are likely to find their opinions vary so find some middle ground between the highest and lowest valuations.
3. Don’t leave it too long before you buy
If you’re selling your home and looking to buy another one, it is a good idea to try and do this at the same time if you can. However, this may mean you’re a less attractive prospect as a buyer and you may have to negotiate a long completion date with whoever is buying your home. If you do find that it is more practical to sell before you buy and move into somewhere temporary, try to keep this a short-term option. If you wait too long, you run the risk that you will be priced out of the market as property values are likely to carry on rising, especially in sought-after areas.
4. Avoid selling in December
If you’re getting ready to sell your house now, it is a good idea to act quickly and get your property on the market before December. Traditionally the market tends to slow down over Christmas as people become too busy planning their festive celebrations to go looking at properties. People are also reluctant to be in the middle of moving house over Christmas and New Year so buyers often want to be in their new properties by mid-December or wait until January. The best time of year to sell is usually spring and March in particular so if you’re not quite ready to sell yet, you may want to consider waiting a little longer. However, if the market is particularly strong in your local area, you may find your property sells quickly whenever you put it on the market.
