For homeowners looking to sell their property, spring could be the right time to do this as usually there are high levels of market activity during this time of year.
From next month, the days should be longer and brighter again, making house hunting more appealing compared to during a grim, cold day. Also, prospective buyers often hope to get the house moving process out the way before the summer commences.
According to new research put forward by Rightmove, recent statistics show that an upsurge in activity is expected in March because of various trends and factors impacting the current market.
Here at Expose Property, we explore why the UK property market is expected to blossom this March.
Historical buyer competition during March
The spring property market boom is clearly proven by the latest figures from Rightmove. In the research conducted by Rightmove, home-moving data over the last five years excluding 2020 (when the UK entered its first lockdown and home moving was disallowed for a few months) was analysed.
The results show that, on average, the highest number of buyers are enquiring about each property available during March.
This shows that competition between buyers is at its peak during March, on average, proving that anyone hoping to secure a sale is likely to succeed during this busy month.
According to the study, many agents have reported that buyers wish to become ‘power buyers’ to put themselves in the best position to secure the property they desire the most. Part of this process means putting their property on the market or sold subject to contract before they hunt for their new home.
When selling a property, homeowners wish to get their home sold as quickly as possible. Over the last five years, this took an average of 59 days, but sellers can now expect to secure a successful buyer in only 39 days.
The study reports that April is the next most popular month to sell, while May is the third most competitive based on competition between buyers.
Spring property trends
There are various benefits when selling during the spring months that will put sellers in a favourable position.
The warmer weather and bright skies could help reflect your home in a positive light. Typically, the natural light will brighten up your home during the viewing and make it look more enticing.
During spring, people are usually preparing for spending more time outdoors and recent figures show the recent surge in property searches reflects this. The Rightmove study reveals that online searches for gardens leapt to 70% in January as more people look for outdoor space ahead of spring.
Meanwhile, the number of new listings coming to the market for sale is 11% higher in the last three weeks compared to the same time last year, and buyer demand is up 32% across the same period – highlighting that demand is still outstripping supply, albeit with this gap starting to narrow.
Sellers will want to sell in a peak market as – with more eyes on your home and strong competition between buyers – it increases your chances of getting your asking price or above, in a reasonable timeframe.
New figures show that in the current market around 75% of properties manage to find a buyer. This is a drastic increase compared to the historical average of around 50%.
Since the start of the year, compared with the start of last year, home valuation requests are already up by 27%. By simply entering your details here, we can provide a free instant and online valuation to help you understand exactly how much your home could be worth on the current market.
With the property market expected to perform impressively over the next few months, you might want to ensure your images also reflect the spring season. Our team will be able to help with this if you are in the Beckenham, Penge, Crystal Palace, or South London area. Do not hesitate to contact us to find out more.
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