Spring 2016 has sprung: is it time to sell your home?
Spring is the best time of year to sell your home. Come April in the property industry this phrase is thrown around so much that it seems to have lost some of its authority. Why is spring so much better than any other time of year to put your property on the market? Here we give the top reasons typically offered and match them up with by the reality of the 2016 Spring housing market.
In Spring, the housing market tends to be busy with potential buyers
‘Spring’ came early this year due to the Government’s addition of 3% stamp duty surcharge on buy to let property that came into effect on 1st April. This caused a surge of activity in February and March as buyers attempted to finalise house purchases before the implementation of the new rules. Reports suggest that there will be a slowdown in activity in the coming months as the market adjusts to the imbalance of home buyers and sellers.
House prices increase in Spring due to increased market activity
Rightmove’s latest house price index showed a new record high of £307,033 on average in April. However, according to the Royal Institution of Chartered Surveyors (RICS), the EU referendum and Stamp Duty changes have caused such uncertainty in the housing market which might lead to a fall in house prices over the next few months, thus negatively impacting property sale numbers.
Does this mean you should wait to sell your property?
Despite the political factors piling pressure on the housing market, there are other reasons that stay true as to why Spring is still a good time to sell your home. Better weather, greater light and sunshine will all increase the appeal of your property and a tidy, well-kept garden in it’s Spring glory is bound to impress homebuyers and add value.
In addition, after the MPC meeting on 14th April, reports are suggesting that interest rates are likely to remain as they are until end of 2019, meaning that with mortgage finance remaining competitively priced, you should have no shortage of willing buyers.