Spring has arrived, and with it has brought the most active start to a spring home selling season that we have ever seen.
This month, the average asking price of a home in the UK set a new high. Because there are more buyers in the market than there are homes for sale, prices are driving up further and further. Currently, the disparity between buyers and sellers is the largest we’ve ever seen at this time of year.
So, if you’re looking to relocate, this is the best time to put your property on the market.
1. You have the opportunity to sell your home for a record high price
This month, average asking prices in the UK have increased by £5,760, bringing the national average to a new high of £354,564. This is the highest increase since March 2004 at this time of year. *
It’s also a fiercely competitive market, with many estate agents claiming that homes are receiving numerous offers from buyers. So, if you missed out on last year’s market rush, you could now put your home on the market whilst conditions are still favourable.
2. There’s a good chance you’ll have several buyers to pick from
The market now has more than twice as many buyers as sellers, which is the largest imbalance ever seen at the start of the spring home-selling season. As a result, there’s a good possibility you’ll be able to pick and choose a suitable buyer for your property.
This continuing supply and demand imbalance is set to continue to keep upwards pressure on house prices, meaning that you could achieve a record price for your home. *
3. You have a good chance of finding a buyer in the first week
Deals are being agreed at a record fast rate. Currently, one out of every five sales are being completed within the first week of a property being posted on Rightmove. This is more than double what the figure was in the more normal market of 2019.
Nearly half of the properties posted for sale were sold within the first fortnight, demonstrating how strong buyer demand is and how soon you could be in a strong position to sell your home.
4. Motivated buyers
Spring is the ideal time for motivated buyers to focus on moving. When the weather is nice, they’re more willing to go house hunting and viewing properties. With more buyers on the market, house prices will be driven up further, which means you have the chance to earn even more for your home.
5. Picture Perfect
Natural light makes a house glow. Springtime brings a bright, pure tint, which can make your property photos really stand out. Colours and textures are heightened, gardens are in blossom, and homes are in their finest state. Great photography requires good lighting too. Spring photos are light and inviting, and the seasonal filter will benefit your agent portfolio. From a buyer’s standpoint, warm weather makes house hunting more desirable, and spring provides an ideal combination of dry days without the over-powering summer heat.
What does this mean for buyers?
If you’re looking to sell in this record-breaking market, you’re likely to face the prospect of buying again in the same market. The good news is that more sellers are starting to enter the market, providing a wider range of properties to choose from. However, competition is fierce, meaning you’ll be competing against other buyers.
Having a buyer for your own property, subject to contract, will put you in a powerful position compared to other buyers who have yet to sell. If you present yourself as a ‘power buyer’ you’ll be more likely to get the property you want and you will be able to negotiate the best price.
Are you looking to take advantage of the spring home-selling season? Book a valuation today.
