You may still be enjoying what is left of the summer, but it appears some professionals in the property market are already turning their thoughts to Christmas. This may seem far too early but anyone looking to have moved into their new home before the festive season should be aware that the clock is ticking with respect to them making a move.
The average time taken for a property sale in the UK is 13 weeks from the offer being accepted to moving date, and this means that there isn’t much time for buyers and sellers to start focusing on the market.
Gap between asking and sales price needs to fall
Vendors know that if they are unable to obtain an offer in the next few weeks they may be unable to guarantee a December property move. This is a factor in asking prices falling, with a drop of 2.3% on the previous month being record. There were concerns that the gap between asking prices and sales prices was increasing, so if these two aspects are brought closer together, it is likely to be positive for the market.
However, even though asking prices have dipped, they are still quite high with the media asking price currently sitting at £301,973 in the UK.
Miles Shipside is the Rightmove director and housing market analyst and he spoke about this matter, saying: “Sellers who come to market in the peak holiday month often have a pressing need to sell and price down accordingly, and are offering ‘summer sale’ prices to entice holiday-distracted buyers. The market started its most recent cyclical price upturn in 2010, and since then the average price of property coming to market has gone up by 32 per cent, stretching buyer affordability.”
He also stated that to appeal to more cautious buyers, it has been important to offer larger discounts in order to win people over or help them take an interest.
Industry specialists are focusing on festive matters
Brian Murphy is the Head of Lending for the Mortgage Advice Bureau and he also spoke on the matter, saying; “With the festive season a mere 18 weeks away, today’s report focuses the mind somewhat on those who want to be in their new home before Christmas, and highlights the relatively short opportunity for would-be buyers to find a property in order to be in ready to put up the lights and tree. The reality is that for those who wish to transact in the window available, it’s key for those in the market to be highly organised and ideally, to get their lending arrangements in place before doing anything else so as to not create a delay in a few weeks’ time.”
As Stockport property specialists, we are here to make a difference. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html