Market analysis from eXp UK, the platform for personal estate agents, reveals that anyone who is hoping to sell their home should get it listed right now as market activity and prices will be ramping up between now and autumn, when they’ll reach their seasonal peak.
eXp UK has analysed seasonal house price trends over the past five years across the UK market to better understand when sellers are most likely to achieve the best price possible for their home.
The data shows that of the four seasons, winter has been the worst time to sell a house over the last five years, due to low market activity resulting in the lowest average price of £241,046.
The market starts to climb in the spring when, on average, prices increase by 0.7% to hit £242,824.
With the arrival of summer, the market climbs again, this time by 2.7%, to reach an average price of £249,340.
The data goes on to suggest that any keen sellers should get their house listed right away because, following this current summer increase, prices are set to rise by a further 1.6% as the market enters its autumn boom and the average price achieved hits a peak of £253,282.
If this window of opportunity is missed and winter arrives once more, sellers can expect to see their price drop by -4.8% as the market’s seasonal cycle starts again.
Head of eXp UK, Adam Day said, “It’s no secret that the housing market is enduring a complicated time. The rising cost of mortgages is putting-off a lot of potential buyers and this slow market activity is acting to cool prices. But regardless of the conditions, there are always going to people who want or need to sell their property, and likewise people who want to buy.
If you are one of those who needs to sell now despite the less than desirable economic backdrop, we would advise you to take the leap straight away instead of hesitating any longer.
Our research indicates that prices are going to increase over the next couple of months before dropping again in winter. It may seem a long way away, but if you’re going to have a good chance of beating that winter flop, you need to get listed as soon as possible to give yourself ample time to attract a buyer and get the deal done.”