For the last couple of years, the UK housing market has been largely holding its breath. Buyers, sellers, agents and lenders have been living in limbo as Brexit negotiations caused uncertainty in the market. As a result, fewer houses have been sold and many sellers had to drop their prices.
However, the December election gave many people hope that progress would finally be made in negotiations. This optimism was felt almost immediately in the housing market as house hunters once more hit the streets in search of their dream homes. In fact, so many people are now planning a move that demand is outstripping supply. This makes now the perfect time to put your home on the market and get your relocation underway.
According to the NAEA Propertymark’s January Housing Report, the number of house hunters registered per estate agent branch increased by 22% to 382 from December to January. This huge jump clearly demonstrates confidence returning to the market and shows that many of the people who had previously put their move off, are now ready to buy.
However, while the number of people registered with estate agents jumped by over a fifth, the number of properties available actually dropped. On average, there are now just 38 properties on offer per estate agent branch, down from 41 in December. The number of properties available to buy is at its lowest level since June 2019, when there were an average of 37 properties registered with each agent.
As well as demand outstripping supply, homeowners who list their properties now can take advantage of the annual spring property boom. March is traditionally the best time to sell a property, although all of the spring months perform well when it comes to achieving quick sales.
On average, homes listed in March take just 57 days to go under offer. In April, you can expect to wait 58 days, while those listing in May should see an offer within 60 days. At the other end of the scale, properties that are put on the market in late October or early November can take up to 79 days to attract a serious buyer.
If you want to sell your property quickly, now is a great time to get it on the market. However, as well as timing, you also need expertise in your corner if you’re going to secure a fast sale. Choosing a good estate agent will help to ensure the process goes as smoothly as possible. In addition, a good agent will have books full of keen buyers, ensuring they can show your property to interested parties fast.
If you’d like to sell your property this spring, we can help. Get in touch with a member of our team today to find out about our services and what we can offer you.