Spring is here in the property market, according to a growing number of estate agents.
Like the meteorological spring season, the spring property market has been getting earlier and earlier over the past decade. The phenomena is due to a perfect storm of differing factors. The autumn market, formerly thought to be almost as important as the spring market, has found itself squeezed by an extended summer holiday period and the pre-Christmas run-up that has over the years crept deeper and deeper into November.
Technology too, has played a part. Thanks to online portals such as Zoopla, Right Move, and Prime Location, potential buyers can peruse the property market from the comfort of their own homes during the Christmas break. Once the holiday season is over, they are equipped with facts and figures, and ready to go.
Should I sell my property now?
As we reported in our post Who says you can’t sell houses in winter? there are many good reasons to get your property on the market in January.
- Fewer choices for the buyer make your property more desirable.
- Buyers are more committed in the winter months.
- Selling in January puts you in a prime position for buying in spring when, because of increased competition, house values are squeezed down.
Should I buy a property now?
There are signs that if you can buy now, you should – in order to save some money. Says the Telegraph. This year, while some purchasers are, reluctant to commit to buying until the ramifications of Brexit become clearer, it is likely to cause pent-up demand and lower stocks, which could lead to increases in value later in 2019.
House price growth this year has certainly slowed, but it is still climbing The latest figures from Halifax show that house price growth has remained within the 0 – 3% bracket throughout 2018. Figures from Zoopla report that average North Somerset house prices have risen by over £2,700 in the last six months, with detached houses now fetching over £6,000 more than they did last summer.
National growth, says Zoopla stands at 1.02%. Annually this equates to an increase of £2,860 nationwide for the average property, which is a daily increase of £8. In 2019, Rics predict that national house price growth will slow to a “standstill”, but a supply shortage “will negate outright falls”.
Halifax’s Russell Galley said that despite current political upheaval, “and on the basis that it is still most likely that the UK exits the EU with a form of withdrawal agreement and transition period, we expect annual house price growth nationally to be in the range of 2pc to 4pc by the end of 2019”. The Telegraph reports.
There are also a number of advantages to buying in January that aren’t quantifiable by statistics. Solicitors, surveyors and removal companies are less busy at this time of the year. Which means that buyers can take advantage of deals, and enjoy keener service than at busier times of the year.
And you’ll be in your new home by spring, ready to enjoy the better weather.
If you are thinking of selling in the North Somerset area, talk to us now and book a free valuation