Its well known that during the summer months, with homeowners and prospective buyers getting away on holiday, the property market tends to calm a little and often the question of ‘is now the right time to sell?’ arises.
Whilst we may hear on the news that there is an imminent house price crash its important to remember that the property market is often more resilient that rumoured. According to Rightmove, in June the average new seller asking price fell by just £82 (-0.0%) to £372,812. Whilst this does suggest a slightly earlier than usual summer slow down, which we would expect to see in the second half of the year, its not a particularly dramatic slump. This is likely due to prices set by both sellers that remain optimistic due to the post pandemic price increases and those that market their property particularly competitively to attract buyers.
With regards to high mortgage rates the Bank of England expects inflation to continue to fall by the end of the year which although unlikely to hit their 2% target is moving in a positive direction for interest rates.
Don’t forget the warmer months can be a great time to view properties, with other potential buyers out of the country, no school traffic to contend with and longer sunny days showing off a home’s full potential. If you are off on vacation your estate agent will still be working hard to sell your property in your absence so you might consider leaving the keys with them so that viewings, and potentially a sale, can progress whilst you are holidaying.
If you’re unsure of whether the time is right for you to move why not speak to myself or one of my agents for a free, no obligation valuation of your property or one of our recommended mortgage brokers for an impartial chat so you can better understand your current position.
Wrote By Director James Hunt
