Traditionally spring has been one of the best times to sell a property with April one of the best months to do so. Buyers emerge from hibernation with their interest blooming like bluebells in the woods. The longer days encourage more viewings as buyers get out to explore, with many hoping a spring move will mean they are in their new home by summer.
This is especially important for those with children who will want as little disruption to the academic year as possible if their house move also means enrolling in a new school.
Warmer weather encourages growth, which means that rather than a grey, withered and largely dead garden a property’s kerb appeal is improved by lawns coming back to life and flowers bringing colour. In Spring, sellers are also more inclined to tackle the odd jobs and deep clean that a house sale will require in order to maximise its selling price.
An early spring surge
This year, like the recent summer-like sun, spring came early for the housing market. The changes in stamp duty thresholds which took place at the end of March spurred on a raft of buyers to get active and get moving, many earlier than planned, so that they could save on the stamp duty they would otherwise pay from April.
But what now? According to Rightmove’s April house price index, the market has remained resilient despite the stamp duty threshold change and the extra costs that will now be incurred. The average price of property coming to market for sale rose by 1.4% this month to a new record of £377,182. The figure is also a larger-than-usual April price increase, even though the number of new homes for sale at this time of year is at its highest level in a decade.
Its research shows that the level of agreed sales falling through remains steady. This suggests that rather than abandoning deals sellers who missed the stamp duty threshold are continuing with their purchases. New buyer demand also remains resilient, with the number of new buyers up by 5% compared to last year and the number of new sellers up by 4%.
The move to action, improvements in house prices and the prospect of lower mortgage rates will all encourage spring buyers to continue their search this April, regardless of the stamp duty land tax rise. The increases aren’t ideal but they can be absorbed into mortgage deals and if you consider that house prices are continuing to rise anyway then buyers may want to buy before prices escalate too much more.
Whether you are buying or selling this is encouraging news and proof that despite the unusual challenges this year buyers and sellers are still looking to move. However, as always realistic and competitive pricing will be essential. Rightmove says that houses that don’t need a reduction in price are more likely to find a buyer and to do so in less than half the time of those that do need a price cut.
Proctors is an independent network of individual estate agent businesses with branches in Beckenham, Bromley, Park Langley, Petts Wood, Shirley and West Wickham. We’ve been buying, selling and letting in these areas since 1946. Get in touch to find out how we can help you with your property requirements.