When it comes to selling your house, does the season affect the value or likelihood of a quick sale?
In a nutshell, there is a no right or wrong time of year to sell your property. In fact, a buoyant property market can happen at any time of year and that's the real trend you need to be looking out for. Keen buyers who are looking with serious intent will be looking at any time of year. Right now, due to COVID-19 and the stamp duty break until April 2021, the market is the perfect seller's opportunity. The Land Registry suggests that the average house value has increased by 6.3% since last year, which on a £200,000 house, is an increase of £12,600 on the asking price since November 2019!
There is no reason why Christmas 2020 should stop you from selling your home. Over the Christmas break, people often have more time off work, time to reflect and plan ahead and therefore it could be the perfect opportunity to pick up views on your listings while people are relaxing at home. Also if you and the buyer aren't in a chain, you might benefit from a quick sale and therefore the buyer could benefit from a saving on stamp duty.
In 2019, Rightmove had more than 21 million views on Boxing Day and an incredible 10 million on Christmas Day. With Christmas 2020 shaping up to be a much smaller celebration, the views are expected to be even higher!
If your property is on the market for some time, and your photography was completed during the Christmas period, photographs containing Christmas trees and other festive decorations might not appeal to buyers looking in the summer months. It instantly shows that the property has been on the market for a long time. And while in many cases, that isn't a problem, as some locations or types of property do take a while to sell. You don't want to give the impression to a potential buyer that your house is not worth the valuation or has a flaw and that is why it is still available.
We would recommend that if you do wish to sell during Christmas that your professional photography is taken before any festive decorations are put up and if conducting viewings during the Christmas period, try to keep decorations to a minimum. Houses which are crammed with festive decs or covered in lights could be off-putting for a buyer who cannot see the property for its full potential or space.
If you do decide to sell during the Christmas period or you accept an offer at any point around Christmas, be aware that many conveyancing solicitors will close for a full 2-weeks over the festive period. Searches and surveys are also likely to be delayed by the bank holidays or reduced staff during the holiday period. So set realistic expectations that your sale will be added to a pile along with any others to be addressed in the new year and delays are very likely.
To summarise, we recommend that if you're in a position to sell, and haven't gone OTT on those decorations then putting your house on the market now, is as a good a time as any! Our dedicated team are still on hand to help you through all of the stages of the sale and have our own dedicated mortgage advise team who can help you with your next purchase too!
