Spring is traditionally a time of change. Brighter and longer daylight hours make house-hunting easier for working people, and sellers naturally want their property to look its best.
Job-hunters who wanted to secure their Christmas bonus before seeking employment elsewhere, have by now settled into their new positions and feel confident about upgrading their home.
The school year is approaching its final term, which focuses the mind of parents who wish to make a move before the new academic year begins. They also want to avoid the house being over-run with children when people view, so term-time is preferred. The timing of holidays also plays a major part, meaning that many people are unable to move in the height of summer.
This leaves a relatively small window within which to sell in these “ideal” conditions. However, the consequent increase in the number of new vendors can prove competitive, especially as these sellers themselves are not yet in a strong position to buy. This does not mean that a price fall is imminent. It is often simply a reflection of a short-term over-supply that is usually corrected during the summer. This could be especially the case this year with a potential glut of properties available for sale that missed the Covid-related Stamp Duty concession deadline at the end of March.
The rule of thumb for sellers is simply this: investigate what else is available nearby and make sure your house competes favourably, either by presentation, ease of viewing, price or ideally all of these. You have to win both a price war and a beauty parade!
So before spring syndrome sets in we would advise prospective vendors to consider putting their property on the market early, and then buy from a position of strength when there are more properties from which to choose. In doing so you’ll also become a stronger buyer when you yourself find your next home.