March has had the highest number of buyer enquiries per property for sale on average over the last five years (excluding 2020 when the property market shut down). April is the next strongest month to sell, based on competition between buyers for each available property, followed by May.
Late spring and up to July are considered the home-selling months. You can sell faster and earn higher sale proceeds during this time of the year. As per 2022 data, the median sale price of houses sold in April 2022, was $839,000.
When do homes sell quickly? As you know, spring is often touted as the best time of year to sell a house in the UK. And the most favoured month is certainly March.
Between March and August, buyers are most likely to spend significantly more money than they plan. This is because home prices are higher during this time and are also being sold over the asking amount.
Outside of winter, a fall purchase can be ideal for cash-strapped home buyers. Once summer ends, sellers get more motivated. They usually lower their prices and provide an opportunity to get a deal. As is the case with winter, there's also less inventory during the fall.
January could be the new hot month for real estate
What is the slowest month in real estate?
Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.
The UK economy towards the end of 2023 is struggling, with the cost of living and high mortgage rates causing the housing market to slow down and house prices to start falling. It's been predicted by Zoopla that house prices are expected to fall by 2% in 2024, with mortgage rates also expected to fall.
Estate agent Knight Frank expects house prices to dip by 5% over 2023, before falling a further 5% during 2024. Property website Zoopla is more conservative with its forecast, estimating that house prices will fall by just 2% over 2024.
What is the cheapest month of the year to buy a house?
If you're looking for the best deals, you might want to wait until late fall or early winter. That's the time when buyers typically pay the lowest premiums above market value. However, if you're after lots of inventory, focus on late spring and early summer in any year.
Two bedroom terraced homes are now selling the fastest in 8 of 11 UK regions, at an average of 28 days. It's one of only three property types selling faster than the UK average of 34 days, along with three bedroom terraces and three bedroom semi detached houses.
But the North West is the region taking the shortest amount of time to sell, with Liverpool taking top spot as the fastest moving market in England, according to Zoopla. In the North West region, the typical seller agreed an offer within 17 days — half the UK average.
Will house prices crash in 2023? There had been some speculation that prices would crash by 20% in 2023 but this hasn't materialised. Average house prices may be down around 2-5% this year but many experts see this as a house price 'correction' rather than a crash as it follows so many years of house prices rising.
After your home is listed, your real estate agent can schedule showings and greet potential buyers when they visit the property. Although the average home sits on the market for about 22 days, it could take more time or less before you accept an offer. The days on market can also depend on when you list your home.
In general, home prices go lower during the late fall and winter, when most people are focusing on holidays and less people are home-shopping. During late fall and winter, some sellers who were holding out for more money may be willing to negotiate a lower price.
Thursday is generally thought to be the best day of the week to list a house for sale. Studies show that homes listed on Thursdays are more likely to sell faster, and for a higher price. Talk to your agent about whether listing your property on a Thursday should be part of your home-sale strategy.
According to Stevenson, the market in 2023 is set to favour the buyer, although buyers who transact in 2023 will undoubtedly be more cautious and more price sensitive than in recent times. She adds: “Realistic pricing from sellers for market conditions will be crucial to achieving a sale.
Lloyds Bank, the country's largest mortgage lender, has forecast a 4.7% fall in average property prices over 2023, and a further 2.4% decrease over 2024. It expects prices to then recover slightly in 2025. Estate agent Knight Frank expects house prices to dip by 5% over 2023, before falling a further 5% during 2024.
“Houses tend to hold their values better.” The OBR's predictions are in line with Savills' latest forecast, which estimated UK house prices will fall in 2024 – 3 per cent across the UK and 4 per cent in London – before bottoming out.
While this may sound disheartening, right now could a good time to buy a house. Because there are fewer home buyers enquiring at the moment, this reduces the demand in the market, which in turn could lead to lower house prices. Another factor to consider is the impact of rising interest rates on rents.
In England, the average price of a home will be £457,433 by 2030. The only areas in the country that would offer an average house price under £280,000 in 2030 would be Merseyside (£275,074), East Riding of Yorkshire (£277,411) and Durham (£279,985).
Key takeaways. House prices are still up 4% year on year and we're expecting 500,000 home sales to go through in the first half of 2023. The number of sales agreed is 11% higher than the number agreed in spring 2019 - and sales are on an upward trajectory.
To get the best price possible, you should sell through a good local estate agent. To get the fastest sale possible, you should sell to a cash house buying company. For a good balance of speed and price, you should sell by auction (especially if your property has some issues).
The widening cost gap between owning and renting will put homeownership out of reach for many first-time buyers and quash the number of sales in 2023. This will cause house prices in the capital to tumble by as much as 12.5 per cent, experts predict.
