The housing market in England has shown a promising recovery in recent months, which could make now an ideal time to consider selling your property. Although there were initial fears of house price declines, the market has demonstrated resilience and modest growth instead. This, combined with falling mortgage rates, is creating favorable conditions for potential sellers.
Resurgence in Property Prices
Recent reports from major lenders such as Nationwide and Halifax indicate an increase in house prices, with annual growth rates of 2.4% and 4.3%, respectively, for August. Rightmove’s data also reveals a 0.8% rise in asking prices in early September, bringing the average property price to £370,759.
The Royal Institution of Chartered Surveyors (RICS) has noted a significant uptick in market optimism. Surveyors and estate agents are predicting that house prices will continue to rise over the next year. Additionally, buyer numbers have shown a slight increase, and sales expectations are the strongest they have been since early 2020. Such positive sentiment could make now a strategic time to list a property.
Indeed, for those wanting a fast sale through cash-buying companies like We Buy Any Home, the increase in house prices means higher true market value for sellers compared to 2023. When agent fees, utility bills, council tax, and mortgage costs are taken into consideration, those selling property in 2024 may get a better overall profit compared with going to market through traditional estate agents.
Impact of Lower Mortgage Rates
The recent interest rate cut by the Bank of England to 5% in August has had a positive impact on the housing market. In response, lenders have reduced borrowing costs, with the average two-year fixed-rate mortgage dropping to 5.43% and the five-year fixed rate now at 5.09%. This has improved buyer affordability, leading to a potential increase in demand for properties.
With the market showing less turbulence and buyers more willing to engage, sellers may find it easier to achieve a favorable sale price. As mortgage rates continue to stabilize, the improved affordability could encourage more prospective buyers to act, providing a timely opportunity for homeowners looking to sell.
Tips for Sellers to Maximise the Value of Their Property
When preparing to sell your house through traditional estate agents on the open market, start by ensuring it’s priced accurately for the current market. While the market may favor sellers, setting an appropriate price is key to attracting serious buyers and securing a quick sale. For those aiming for a quick cash property sale Manchester, pricing realistically is even more critical, as cash buyers prioritize fair market value and fast transactions.
In addition to pricing, consider enhancing your home’s appeal with minor updates and staging. First impressions matter, and even small improvements like a fresh coat of paint or tidying up the garden can make a significant difference.
Inside, aim to create a welcoming atmosphere by decluttering and arranging furniture to highlight the best features of each room. A well-presented property can capture buyer interest more effectively, potentially leading to higher offers and a smoother sale process.
Is It Time to Put Your Property on the Market?
With stable house prices, lower mortgage rates, and increased buyer confidence, the current market conditions offer a promising opportunity for homeowners to sell their properties in the UK. Preparing your house well and pricing it correctly will help you take full advantage of this favorable market climate, ensuring a successful and profitable sale.
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