Spring is usually considered the best time to sell a property, but in fact there’s no time like the present, according to new research.
January is the best month to sell your home if you’re looking for a quick sale, analysis by the HomeOwners Alliance found; with properties listed for sale this month taking an average of 58 days to sell, compared to a yearly average of 61 days. The HomeOwners Alliance looked at data from its estate agent comparison tool estateagent4me.com over the past five years, which showed that average sale times in January have fluctuated between 51 and 62 days.
Paula Higgins, chief executive of HomeOwners Alliance, said: “With the General Election and Christmas now behind us and children back at school, people are starting to put into action their plans for the year. Traditionally people wait for Spring to sell their homes, but our data shows if you’re looking to get moving, then there’s no better time to put your house on the market than this month.”
Act now to avoid delays
Properties are generally taking longer to sell now than they did a few years ago, so if you’re looking to make a move in 2020, it might be a good idea to start marketing your home as soon as possible.
The HomeOwners Alliance research shows that whilst properties took an average of 62 days to sell in 2018, this rose to 69 days in 2019.
Another benefit to starting early is that you can take advantage of current low mortgage rates if you’re selling your property and buying another. According to financial website Moneyfacts.co.uk, five years ago, the average two-year fixed rate mortgage at a 60% loan-to-value (LTV) stood at 2.17% and the average five-year fixed rate was 3.10%. Today, the average two-year fixed rate at 60% LTV is just 1.81% and the five-year average fixed rate is 2.07%.
Always check your existing mortgage for any Early Repayment Charges (ERCs) first. If these apply you may be able to ‘port’ your mortgage across to your new home, although you will need to meet your lender’s current affordability criteria.
January the best month for a quick property sale