Traditionally, the coldest months of the year are the worst for the UK housing market. December and January are particularly poor for people looking to sell. So, referring to the knowledge we have readily available online, many won’t list until the warmer seasons come around.
The best time to sell, it’s said, is in March. Late February, April, May, and June are also down as good times to sell. Whether you’re looking to upgrade or downsize, given the direction of the UK housing market, early 2025 looks to be a prime window to get involved.
Promising Figures for UK Housing
There has long been a precedent for slowing the housing market around a major government budget announcement. Then came the fallout of Liz Truss’ mini-budget in September 2022. Since then, people have been even more fearful of what a budget could mean.
The effects have been exaggerated as a result, and yet, UK housing is still holding up rather well. In the year to September 2024, UK house prices saw a decent bump of 2.9 per cent. This is a 0.2 per cent increase on August’s annual growth.
Still, there was a budget from the government in November. While October prices did increase by 0.3 per cent, this was a lower rate than in September. Month-on-month, the average house price fell to just over £366,500 in November. The 1.4% per cent drop was larger than the usual sinking of 0.8 per cent in the eleventh month.
Budget anticipation and it being November all played into this. However, long-term outlooks forecast growth. This is despite what would usually be setbacks announced. Second-home buyers will finally see a stamp duty rate increase of 2.0 per cent, and the stamp duty thresholds will rise in the spring.
A Prime Time to Join the Market
A good thing for people looking to buy who already have a home in the optimal selling window is options. Bolstering the spring window will be the general optimism in the market and the Bank of England lowering the base rate. Now at 4.75 per cent, mortgage interest rates should be lower in early 2025.
As a result, asking prices are expected to rise by 4.0 per cent through next year. To get ahead in a potentially crowded and competitive market, being able to advertise the lack of a chain can help. This is why people who want to sell a house for free will turn to companies who facilitate quick house sales without hidden fees. Using a house-buying company allows sellers to stay put without a chain while looking to buy, since they can receive a free cash offer and can set the sales timeframe. All the while, they’ll know exactly how much they can use for a mortgage deposit or to buy a whole new property.
Typically, chain-free homes sell in as little as six or seven weeks. This can be very handy if you’re moving from one family home to another. It also lets you be nimble in the market and jump on ideal homes before other bidders. All that’ll be left is finding that new home.
The UK housing market will begin to heat up again in February 2025. It’s then that you’ll want to be ready to find and move into your new home.
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