I want to sell my house this year. Is that a good idea?

Have you considered selling up and moving on this year? Recent headlines about high inflation and rising mortgage rates may have convinced you that 2023 is not the best time to sell a home.

However, market analysis by the property portal Zoopla has revealed the benefits of selling a home this year:

• Demand for homes is 16 per cent higher than it was before the pandemic
• Some parts of London are seeing above-average demand from buyers
• Most sellers will make more profit selling today than they would have done 1-2 years previously
  
  

Is this a good time to sell my house?

House prices are the topic most likely to exercise your mind if you plan to sell a property this year. So what is happening to the market?
Zoopla’s analysis of the latest national figures shows that property prices are up by 4 per cent, year-on-year. But market activity has slowed in recent months due to turbulent economic headwinds.

House prices have now dipped by 1 per cent when compared with October last year. Crucially, however, Zoopla reports that “the housing market is faring much better than many predicted,” and it is expecting to see 500,000 sales transactions before the summer.

Can I expect a quick sale?

Zoopla says the average UK home is now taking 15 days longer to sell than last spring when the market was red hot. Over the last 90 days, the overall time to complete a home sale in London was 136-137 days for properties valued between £400,000-£1,000,000. Sales of properties valued at over £1,000,000 were completed in around 167 days. At Daniel Cobb we are pleased to report, for the same period, our average completion time has been 78 days, a significant improvement versus the London average.

If you want to move quickly, it’s important to understand what buyers are looking for right now. Homeowners who moved away during the pandemic are returning, and recent research has revealed that properties near a tube station are proving particularly popular with buyers.

Higher mortgage rates, coupled with rises in the cost of living, mean that home seekers are also attracted to more affordable parts of the capital and properties that offer good value for money.

What type of property is selling best?

Our offices in Westminster, London Bridge, Kennington and Battersea/Clapham are still seeing intense levels of sales activity, particularly where properties are priced to meet buyers’ expectations.

Inner London flats – which suffered price-wise during the pandemic – are now attracting more attention from buyers.

London’s highest priced, most sought-after districts are bucking the price trends seen elsewhere, as buyers in these areas are less dependent on mortgage finance.

Recent sales trends underline the importance of starting out with a pinpoint, accurate property valuation. As a central London estate agent with almost 30 years of experience, we can offer the expertise and depth of knowledge you need to secure a successful sale in the current market.

If you would like to call us to talk through your moving plans, we would love to hear from you. Alternatively, just fill in our valuation contact form, and we’ll be in touch.