Seller's Guide | Autumn 2022

Pricing your property is one of the most important decisions you’ll make in the selling process. Your instinct may be to ask for the highest price for your property, but you're also likely to know that you have to price your property to sell. It’s a lot easier to judge this balance when the housing market is chugging along at a steady pace, with clear signposting and examples for how much you should put your home on the market for. But, the guidelines around this are less clear while the property market is turbulent – as it is now. Property prices are still going up (albeit at a slower pace) but so is inflation, interest rates and the cost of living. There are extraordinary factors putting pressure on the market, and it looks like they will continue to do so for some time. This means that thinking about when you sell your property is as important as how much you would like to sell it for.

"Property prices are still going up (albeit at a slower pace) but so is inflation, interest rates and the cost of living."

Despite the tumultuous economic climate, the housing market still maintains some of its traditional rhythms and cycles, albeit at a slightly different frequency to more settled years.

Spring, for example, is traditionally a good time of year to sell a property. Winter is over, Summer is still to come, so it's often a time when a lot of movement happens in the market, with more stock, but also more buyers. Data from Rightmove (February 2022) revealed that March is the strongest month of the year for prospective sellers to come to market. March has had the highest number of buyer enquiries per property for sale on average over the last five years (excluding early 2020 when the pandemic shut the market). April is the next strongest month to sell, based on competition between buyers for each available property, followed by May. Summer, particularly August, is traditionally a quiet time of the year. School and family holidays typically take precedence over major life decisions. Autumn is the next busiest time following Spring. Summer is behind us, and the festive season is still a time away. With the attractive possibility of completing before then, many sales tend to move quickly throughout September, October and even early November, before slowing right down for the festive period. Typically, enquiries start up again in January, so if you have outside space, get yourself some winter flowering plants so the garden has a bit of life for prospective buyers. It’s unlikely a recession or the cost of living crisis would transform this cycle, but it will change it. First time buyers may struggle to get mortgages, and those looking to upgrade might be hunkering down for an extra 12 months. But there will be movement. It’s important to pay attention to the market and act strategically.

"Data from Rightmove (February 2022) revealed that March is the strongest month of the year for prospective sellers to come to market. March has had the highest number of buyer enquiries per property for sale on average over the last five years (excluding early 2020 when the pandemic shut the market)."

In a similar vein, be smart in how you price your property. The initial temptation might be to overvalue your property. Instead, look at similar properties on the market at the same time as yours, speak to multiple agents and get an average. This is especially true if the market takes a downturn. If it’s still growing, you can think about edging your price up as the market would theoretically follow. But that’s a long game, and won’t work if you’re looking for a quicker sale. As always, the key is to gather as much information as possible so you can make an informed decision.

"April is the next strongest month to sell..."

To see the rest of our Q4/22 Magazine, click the link below to view the articles online: https://issuu.com/briklondon/docs/brik_magazine_-_2022_-_q4_-_issuu

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