Is it a good time to sell a house?

Before you decide to put your house on the property market, you must first consider whether now is a good time to sell a house. What are the average house prices like in the housing market, how are mortgage rates and can you find the right estate agent to help you get the price you want?

So, is now a good time to sell your house? Let’s have a look at the market, potential rising house prices, mortgage rates and how UK house prices have changed in recent years.

Is it a buyer’s market in the UK right now?

In many parts of the UK, it is a buyer’s market right now, purely because of the large number of properties on sale.

When buyers have more choices, sellers may be more open to accepting an offer lower than their asking price because there’s so much competition – giving the buyers much more negotiation power.

For sellers who have already found their next home, this puts them in an even more difficult situation, as they’re likely forced to sell for a lower price to move the property chain along.

Also, despite still being higher than they were a couple of years ago, mortgage rates dropped in early 2024, helping to further boost the housing market before the summer holidays. According to Forbes, the average two-year fixed rate is 4.43%.

As a result, this can make it more difficult to find a suitable buyer. Many buyers may be cautious about opting for an expensive property right now because of extortionate mortgage interest rates – lowering the average house price in many places.

House prices have fallen because of economic disturbances and a surge in the cost of living since March 2020. According to Atom Bank, the average UK house price in 2023 was £264,900, which was £2,830 lower than the same time in 2022. Prices are forecast to drop another 2% by the end of 2024.

Is now the best time to sell my house on the property market?

Not every situation is the same so this is difficult to give a definite answer. However, depending on your personal circumstances, now could be an excellent time to sell.

If you have another house lined up and ready to purchase, you may be happy to take a price slightly lower than the average local market prices. This can, obviously, appeal to buyer demand as a lower price will attract more prospective buyers.

The best local estate agents will advise you on the average house prices in the area and what you can expect to receive. If you’re happy with the price, then it’s a perfect time to sell!

If you’re on the fence about selling, and you’re not in a position to move into a new home right away, it may not be the best time to sell.

If you’re not 100% in on the idea of selling your home, doing so in a buyers’ market is not the best idea because you’re unlikely to receive your desired asking price. Any good estate agent will tell you this at an early stage.

When is the best time to sell a house?

Did you know that the time of year dictates how easy or difficult it can be to sell your house?

As you can imagine, the worst month to sell a house is December as everyone is preparing for Christmas, and often spending a lot of money on presents, food and decorations. The summer months of July and August are quiet for property sales too as many people are away on holiday.

In terms of the best time for house hunting in the UK, it generally comes during springtime – March, April and May – or early Autumn – September and October.

During springtime, flowers have started to bloom and the streets look a lot more colourful, making homes more appealing to prospective buyers.

In autumn, lots of families want to move house before the new school year and the beautiful autumn weather can drastically improve the appearance of some homes.

Find the right conveyancing solicitor to process your house sale

At GD Property Solicitors, we have worked with thousands of people all over the UK. We have conducted the residential conveyancing process for house sales and purchases in major cities and small towns.

So, if you’re interested in selling your house in the near future, come and speak to our team of highly qualified conveyancing solicitors.

Contact us today by calling 0161 710 1786 or by sending an email to info@gdlegal.co.uk.