Why July is the perfect time to think about a new home for Christmas
Christmas is usually the last thing on most minds in the midst of the summer. In actual fact, July is a prime month for agents to encourage those considering selling their property to begin marketing it in time for a move that will see them settled in a new home in time for the festive holiday.
Why July?
Whilst still half the year away, Christmas is the time of year that Sandersons UK likes to see our summer offers turn full circle and be completed for those who buy and sell under our care. Moving into a new property in good time for that important December date is something we want as much as you do, but there are many steps to take between admiring your next one, and being handed the keys to it.
July is the perfect time to put those moving cogs into motion, and start thinking about marketing your property if your wish is to complete and move before Christmas arrives.
How long are current completion times?
In June 2022, Rightmove reported that it took on average 150 days to move house, from the moment an offer is accepted to the day of completion, and since then, not much has changed. There is much to be said for being ahead of the game, and even starting to market your property now -as long as there are no serious conveyancing problems - you would still be looking at several months to get into your next property. The current time-frame can be frustrating, and we understand that very much, but there is a lot to be said for planning your time wisely.
Delays such as surveys, a problem within the chain that is out of your hands such as a buyer pulling out, or even legal paperwork can make this time even longer so - the earlier you think about moving now, the better in the long run.
Why Sandersons UK are telling you this now
It is difficult to see far into the future, and thinking about Christmas might seem a little strange. However, we are all too familiar with how quickly the time goes, and as prices outside the property market are rising, it makes perfect sense to try and plan your move carefully and in plenty of time for the season.
As demand for houses remains high, the responsibility we have at Sandersons UK includes ensuring we are efficient in easing any issues that delay your move, and our aim is to help reduce your worry and effectively plan your next step with you.
House price index for May 2023
Noting important changes to the market will give you a good idea of how your move will affect your finances. Richard Donnell, Executive Producer at Zoopla says that pricing your property is key for a smooth move, stating that sellers “need to price their homes realistically if they are serious about moving. Buyers remain price-sensitive, with one eye firmly on the outlook for the economy, the cost of living and the trajectory of mortgage rates, which appear likely to edge higher in the coming weeks.”
The latest House Price Index statistics will help give you a clear idea of your own move, and what it means for you. They are as follows:
- The average price of property coming to the market jumped by 1.8% (+£6,647) in May to reach a new record of £372,894. This is a delayed response to the higher-than-expected level of market activity since the start of 2023.
- This 1.8% monthly increase is the largest of the year so far, and is significantly higher than the usual average May rise of 1.0%
- Agreed sales numbers are currently only 3% behind the last more normal pre-pandemic market of 2019
- The discount from final asking price to agreed sale price is at an average of 3.1%, in line with normal market levels, reflecting home-mover confidence
- Whilst increased price confidence appears to be more justified in the lower and middle market sectors, there are some signs of over-optimism in the top-of-the-ladder sector, as some buyers hang back:
- Buyer demand is 1% lower than in 2019 for top-of-the-ladder properties, compared with 3% above 2019’s level in the second-stepper sector, and 6% above in the first-time-buyer sector
- Average mortgage rates are thankfully remaining steady, despite further increase in the Bank of England base rate:
- An average 5-year fixed, 15% deposit mortgage is now 4.56%, compared to 5.89% last October
How to progress your sale effectively
Important steps you can take to help the progression of your sale move along in a timely manner won’t always guarantee a faster completion date, but it can go some way to encourage the movement to work in your favour. These steps include:
- Choosing your agent carefully - Ensuring you find someone who has your best interests at heart, and who are fully qualified and trained in the most up-to-date market outlooks. This includes marketing your home to the best of their capabilities to make sure there is maximum interest in your property.
- Look at similar properties to yours in your area - This will give you a good idea of what is selling, and for how much and will support your own asking price.
- Tidy up - Any space looks better when it is at its most tidy. These include simple repairs or a fresh coat of paint to assist those all-important property photos.
- Keep your paperwork up-to-date - This is crucial in ensuring everybody has what they need as quickly as you can give it to them. Those days here and there can add up to a good block of saved time.
