Why it's a good time to sell your property
If you are thinking about listing your home for sale, this is the article for you!
There are some things that you need to know so that you can sell your property at the right time and get the best price for it.
It is no secret that the pandemic has shaken up the usual order of things in the UK property market. The seasonal trends have gone awry, but you can use this to your advantage.
It is currently a seller’s market with fewer houses on the block and a huge number of buyers looking to purchase their next home. This has pushed prices to an all-time high. The latest research suggests that the average price of newer properties being listed has broken through the £350,000 barrier.
The COVID-19 Edge
This seller’s advantage is also courtesy of COVID-19. With hybrid work becoming the norm and restrictions being eased, a flurry of relocation has begun. Families looking for more space or to move away from cities are top buyers as of now. The demand for three-bedroom houses has seen a particular rise as families are seeking more space. Extra indoor and outdoor space has become a primary concern for families.
With the end of the COVID restrictions, the demand for city flats has also bounced back. The young workforce is particularly eager to move in and begin the lives they dreamed about in college.
Now, selling property is a challenging task even in optimum conditions. You have to take into account the market situation, your competition, and the pickiness of potential buyers. It can often feel like a losing battle. However, it is a necessary evil and the benefits you stand to reap are enormous.
Understanding Supply And Demand
When it comes to selling property at the right time, the supply versus demand principle comes into play strongly. All industry professionals will agree that the best time to sell your property is when there are lots of people looking to purchase one.
However, the current situation tilts the dynamic in the favour of property sellers. The market has a high level of demand and a low supply of property. It’s the ideal scenario to sell your property. The reasoning behind this is very simple to understand.
Simply put, competition between buyers for the available property is likely to have a favourable effect on your eventual sale price. Competition pushes the buyers to drive their offers higher. When buyers compete with one another for property and engage in a bidding war, they are much more likely to make an offer over what they otherwise would have. The more intense the competition, the higher the price.
The situation right now is ripe, with more buyers on the market and fewer houses that are available for purchase. This is the perfect time to sell your property and capitalise on the supply-demand gap.
Other factors that can influence the supply-demand dividend are location, your living arrangements and your mortgaging plans.
Is now a good time to sell your home?
Yes, absolutely!
While there are a number of factors at play here and the situation largely depends on your personal circumstances, the UK market has never been better if you’re looking to sell your property.
By mid-2022, the average property value in the UK had risen by £2,857. The fundamental cause of the increase is still an imbalance between the supply and demand for real estate.
Area-Wise Trends Across The UK
The increase in property prices in the UK differs from area to area.
House searchers in London now require an additional £247,638 than they did ten years ago. Those in the east of England need an additional £153,930 and potential buyers in the East Midlands require an additional £108,116.
Northern Ireland witnessed the highest yearly inflation in housing prices at 15.2%. Similarly, the southwest of England had a significant annual increase of 14.5%.
Wales saw a 13.7% yearly increase in housing costs, bringing the average home value there to a record-high £216,120.
Only Scotland, London, and Yorkshire and the Humber experienced annual house price inflation below 10%. Studies suggest that Scotland's house price increase is still "underperforming" in comparison to the UK average, with annual inflation at only 8.3%.
House price growth is certainly being impacted by the uncertainty that surrounds the wider economic situation today. For those looking to sell, the time is now. For those looking to buy, you must hurry before all the best ones are swept off the market.
Parting Thoughts
This is your clear, glowing-red sign to get your property listed today and get the ball rolling on selling it. The time has never been better!
If you are thinking about listing your home for sale, this article is for you!
There are some things that you need to know so that you can sell your property at the right time and get the best price for it.
It is no secret that the pandemic has shaken up the usual order of things in the UK property market. The seasonal trends have gone awry, but you can use this to your advantage.
It is currently a seller’s market with fewer houses on the block and a huge number of buyers looking to purchase their next home. This has pushed prices to an all-time high. The latest research suggests that the average price of newer properties being listed has broken through the £350,000 barrier.
The COVID-19 Edge
This seller’s advantage is also courtesy of COVID-19. With hybrid work becoming the norm and restrictions being eased, a flurry of relocation has begun. Families looking for more space or to move away from cities are top buyers as of now. The demand for three-bedroom houses has seen a particular rise as families are seeking more space. Extra indoor and outdoor space has become a primary concern for families.
With the end of the COVID restrictions, the demand for city flats has also bounced back. The young workforce is particularly eager to move in and begin the lives they dreamed about in college.
Now, selling property is a challenging task even in optimum conditions. You have to take into account the market situation, your competition, and the pickiness of potential buyers. It can often feel like a losing battle. However, it’s a necessary evil and the benefits you stand to reap are enormous.
Understanding Supply And Demand
When it comes to selling property at the right time, the supply versus demand principle comes into play strongly. All industry professionals will agree that the best time to sell your property is when there are lots of people looking to purchase one.
However, the current situation tilts the dynamic in the favour of property sellers. The market has a high level of demand and a low supply of property. It’s the ideal scenario to sell your property. The reasoning behind this is very simple to understand.
Simply put, competition between buyers for the available property is likely to have a favourable effect on your eventual sale price. Competition pushes the buyers to drive their offers higher. When buyers compete with one another for property and engage in a bidding war, they are much more likely to make an offer over what they otherwise would have. The more intense the competition, the higher the price.
The situation right now is ripe, with more buyers on the market and fewer houses that are available for purchase. This is the perfect time to sell your property and capitalise on the supply-demand gap.
Other factors that can influence the supply-demand dividend are location, your living arrangements and your mortgaging plans.
Is now a good time to sell your home?
Yes, absolutely!
While there are a number of factors at play here and the situation largely depends on your personal circumstances, the UK market has never been better if you’re looking to sell your property.
By mid-2022, the average property value in the UK had risen by £2,857. The fundamental cause of the increase is still an imbalance between the supply and demand for real estate.
Area-Wise Trends Across The UK
The increase in property prices in the UK differs from area to area.
House searchers in London now require an additional £247,638 than they did ten years ago. Those in the east of England need an additional £153,930 and potential buyers in the East Midlands require an additional £108,116.
Northern Ireland witnessed the highest yearly inflation in housing prices at 15.2%. Similarly, the southwest of England had a significant annual increase of 14.5%.
Wales saw a 13.7% yearly increase in housing costs, bringing the average home value there to a record-high £216,120.
Only Scotland, London, and Yorkshire and the Humber experienced annual house price inflation below 10%. Studies suggest that Scotland's house price increase is still "underperforming" in comparison to the UK average, with annual inflation at only 8.3%.
House price growth is certainly being impacted by the uncertainty that surrounds the wider economic situation today. For those looking to sell, the time is now. For those looking to buy, you must hurry before all the best ones are swept off the market.
Parting Thoughts
This is your clear, glowing-red sign to get your property listed today and get the ball rolling on selling it. The time has never been better!
