If you are considering selling your house, timing is crucial. The UK property market fluctuates due to interest rates, supply and demand, economic conditions, and seasonal trends.
So, is now a good time to sell? Let’s explore the current market trends, factors influencing house prices, and expert advice to help you decide.
1. Current UK Property Market Trends
House Prices and Market Conditions
- House prices in the UK have stabilised after recent fluctuations, with some areas experiencing modest growth.
- London and the South East remain competitive, though prices have softened compared to pandemic highs.
- Regional markets such as the North West, Midlands, and Scotland continue to attract buyers due to affordability.
Interest Rates and Mortgage Costs
- The Bank of England’s base rate remains high as of early 2024, making mortgages more expensive.
- Higher borrowing costs reduce demand from buyers, potentially slowing sales in some areas.
- A possible interest rate cut later in 2024 could boost buyer confidence.
Seasonal Trends in Selling
- Spring (March to May) – The busiest period for selling, with increased buyer demand and better weather.
- Summer (June to August) – Slower due to holidays, but still active.
- Autumn (September to November) – A strong secondary market as buyers aim to complete before Christmas.
- Winter (December to February) – The slowest time, though motivated buyers remain.
2. Should You Sell Your House Now
Reasons to Sell Now
- Strong demand in key areas – Despite higher mortgage rates, buyer demand remains stable in desirable locations.
- High rental demand – Some buyers are choosing to rent, making it a good time to sell investment properties.
- Low housing stock – Fewer properties on the market mean less competition for sellers.
- Spring and early summer boost – Warmer months historically attract the most buyers.
Reasons to Wait
- High mortgage rates affect affordability – Some buyers are hesitant due to borrowing costs.
- Potential interest rate cuts later in 2024 – A drop in rates could bring more buyers to the market.
- House prices may increase – If demand rises in late 2024, sellers may get a better deal.
3. Tips for Selling Your House in the Current Market
- Price realistically – Overpricing can deter buyers, so research local sold prices.
- Prepare your property – Small upgrades and staging can increase value and appeal.
- Market strategically – Use professional photography, online listings, and estate agents like Fraser Bond for maximum exposure.
- Be flexible with offers – In a cautious market, reasonable negotiations can speed up the sale.
Final Verdict Should You Sell Now
If you need to sell quickly, now is still a good time, especially in high-demand areas. However, if you can wait until interest rates drop, you might attract more buyers and secure a higher price.
Would you like a free property valuation? Fraser Bond can help you sell your home at the best price.
