Sellers are traditionally wary of putting their homes on the market during the summer holidays, as they are concerned many buyers – particularly of family homes – will have their minds on more leisurely activities and their holiday plans rather than house hunting. Whilst historically this may have been the case, with the property portals now available house hunting is not the arduous task it once was. In days gone by you had to physically visit each agents offices to register your interest, and wait for the weekly property paper to arrive. Now, you can search for a new property by the poolside or on the beach using your phone or tablet.
In fact, now may be a very good time to put your home on the market as there is often less competition, as others wait until September to put their homes up for sale. Property site Rightmove has reported that asking prices for property have reached a new record high and this is thought to be largely due to a shortage of property for sale against a high demand.
The supply of properties is down 8.5% compared with a year ago with fewer properties coming to the market after the election than before it. Rightmove Director, Miles Shipside, has said that “the election surprise has given a boost to market sentiment, driven by more certainty about future economic and taxation policies”. He also added that whilst would-be buyers have been quick to respond to this situation potential sellers have been slow to come to the market. With the drop in properties on the market pushing up asking prices, buyers are faced with paying a new record average price for the limited choice available.
With high demand currently, the summer months might be the best time to get your house on the market. If you wait until September to sell you won’t have the head start on your fellow sellers who, after all, in any market are your potential competitors!
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.