Homeowners hoping to move before the end of the year should be preparing to list their property now according to new analysis from Foxtons, which suggests summer provides the ideal launchpad to capitalise on the traditionally busier autumn housing market.
The estate agency analysed historic transaction data across England and Wales and found that autumn consistently records the highest level of home sales activity, accounting for 27% of annual transactions.
On average, around 323,000 homes change hands during the autumn months each year, compared with 307,000 in summer, 279,000 in spring and 275,000 during winter.
While autumn remains the strongest period for completed sales, Foxtons argues that sellers need to act well in advance to benefit from that increased demand.
TIME TO MARKET
According to HomeOwners Alliance data, it can take between 10 and 21 days to prepare a property for market, with a further three to 14 weeks typically required to secure a buyer. Once an offer is accepted, the conveyancing process can add another 10 to 12 weeks before exchange, with completion taking place shortly afterwards.
Taken together, the average journey from listing to completion now takes around five and a half months, meaning homeowners looking to move before Christmas should already be considering their next steps.
The analysis also highlights a number of seasonal advantages associated with listing during the summer months.
Longer daylight hours, improved weather and gardens at their best can help properties present more attractively to prospective buyers, while sellers have an opportunity to complete repairs, refresh décor and declutter ahead of marketing.
The findings come at a time when the market continues to show signs of improving stability following a challenging period for buyers and sellers alike.
STRONG DEMAND
James Stevenson (main picture), Managing Director of Sales at Foxtons, says: “While the market may not be moving at the same pace seen during the post-pandemic boom, buyer demand remains strong and the landscape has improved considerably when compared to this time last year.
“Homebuyer activity is building and it’s those sellers who price correctly and prepare properly during the summer months that are best placed to take advantage of the stronger market activity still to come this year.
“At the same time, improving stock levels are also creating greater choice for upsizers, making current market conditions particularly attractive for those looking to make their next move.”
