For all the joys of homeownership, it’s also something that plays a massive role in your financial future. As one of the biggest investments most people are likely to make, when you eventually choose to sell your house, it’s normal to try to get as much as you can from the sale. In the following article, we speak to the Hull Cash Buyers team to take a look at the impact that the time of year can have on selling your house, seeing if there’s any truth to whether there really is a best (or worst) time to sell your home in the UK.
Spring is best
The data suggests that there are better and worse times to sell your home. Spring is considered the best time, especially in terms of the speed of the sale. The second-best time is generally considered to be Autumn, from September to October.
Holidays are worst
The holidays tend to be a bad time to try to sell your house. The summer months in particular – June and July – are considered the slowest, especially for those with families. November and December also constitute a slow period, with the run-up to the Christmas holidays considered the worst time of year to try to make a house sale.
It’s not just the time of year
Obviously, selling a home successfully isn’t as simple as picking the ‘right’ time of year. There are multiple other factors, political and economic in nature, that also have a massive impact.
Political events, such as elections and larger events like Brexit, can have a big impact, as can things like fluctuations in currency value. Factors such as tax rate changes can also play a role, as we saw during the holiday on stamp duty over the Covid pandemic.
Time of year for a fast sale
For a quick sale, extensive analysis done by The Advisory seems to suggest that March is the best time of year to list your house for a quicker sale. Homes listed in early spring sold in an average of 57 days, often at a higher price, proving that spring is the time of year to sell your home.
Time of year for a slow sale
The Advisory found in that same study that the slowest time of year to sell your house is in autumn. The post-summer months, from October to November, resulted in the slowest sales, with an average time of 79 days. Many of these sales were also at lower prices than those made in Spring.
Other things to consider
There are lots of other nuances to selling a home that should be considered and that can eventually help you find the best time to sell your home. For instance, flats and smaller apartments sell better at the start of the year, as young professionals attempt to start the year on a front foot.
Area-specific data such as supply and demand also have an impact, along with multiple other considerations. It’s always advisable to seek the advice of an estate agent before making a sale, to ensure that you maximise the efficiency of the process.