Before putting your property up for sale, it’s always wise to research the health of the housing market and ask yourself whether it is a good time to sell a house.
If you’re wondering whether 2022 is a good year to sell your home, we’ve pulled together some facts, figures, and advice to help you to decide.
The UK housing market in 2022
In June 2022, house prices in the UK were still rising at their fastest annual rate in 18 years, despite fears that the cost of living crisis could see the housing market crash. According to mortgage lender Halifax, prices rose by 13 per cent year on year in June.
The UK is currently suffering a housing crisis, where the demand for property far outstrips the supply, particularly when it comes to larger homes. This supply and demand problem is one of the main drivers behind the country’s rising house prices.
According to a recent article in the Guardian, house prices have risen every month over the last year, and a typical UK property now costs £294,845.
Is now a good time to sell a house?
If you want to sell a property, then signs so far show that 2022 could be a profitable year to do so. Of course, the housing market can change overnight, and this article only speaks for what is true at the time of writing, so always do your research before deciding to put your house on the market!
At the time of writing, house prices are at a record high, meaning sellers could make substantial gains when selling property.
In 2021 the average UK house seller made £95,000 when they sold their property. This figure was even higher for those selling detached houses, which are in short supply and in high demand at the moment. On average, those selling detached properties in 2021 made profits of £151,840.
If you are in a good position to do so, then the high house prices, high demand for property, and rising interest rates make now a good time to sell property in the UK for many.
When is the best time to sell a house?
Of course, just because the housing market is healthy, it doesn’t make it the best time to sell a house for everyone.
There are many different factors that sellers should take into consideration before deciding to put a property up for sale, and the state of the housing market is just one of them.
Other factors to consider include:
Your current mortgage rate – If you’ve not long refinanced and your mortgage rates are currently lower than average, then it may be cost-effective to stay put for a while longer, especially when interest rates are rising.
The number of properties available – Where do you want to move to, and what kind of property are you looking for? The supply of houses available in the UK is very low at the moment, so you want to be sure that you’re going to be able to find a suitable property to move to before deciding to put your property on the market.
Time of year – The best time of year to sell a house is generally spring, closely followed by autumn. The housing market tends to be quieter during the summer and around Christmas time.
How long will it take to sell my house?
The time it takes to sell a house can vary greatly depending on a variety of factors, including the property type and area it is located in, the asking price, and the housing market at the time that it goes on sale.
According to the Home Owner’s Alliance, the whole process from getting a mortgage in principle to completion of the sale takes, on average, around six months. Included within this timeframe is an average of 10 weeks from listing a property on the market and accepting an offer.
Sometimes, the time it takes to sell a property may be completely out of your hands, but you can ensure that you are not the one holding up the process by maintaining good communication with everyone involved, responding to all queries promptly, and arranging surveys and insurance in good time.
How much can you expect to sell a house for?
The price that you will get for your property depends on many different factors, including the type and size of the property, the area the property is in, the condition of the property, and the demand in the area at the time of the sale.
According to Statista, the average prices of different property types between 2020 and 2021 were as follows:
- Detached – £366,000
- Bungalow – £244,000
- Semi-detached – £201,000
- Flat or maisonette – £253,000
- Terraced – £180,000
With housing prices still steadily rising, these figures look set to have increased significantly by the end of 2022.
Can I take my house off the market at any time?
If you change your mind about selling your property, then you can take it off the market at any point before the contracts have been exchanged.
To take your house off the market, simply speak to your estate agent, and they should then contact all relevant parties to let them know and remove it from the market.
However, bear in mind that you are likely to still incur some fees. The amount of money you will lose by taking your house off the market will depend on how far through the process you are.
Next steps when selling a house
If you’re ready to sell a property, some important first steps you should take are:
- Review your finances
- Research the housing market in your area
- Get your house ready for sale
- Contact a local estate agent
Here at Mistoria Estate Agents Worsley, our experienced team is here to help make selling your property in or around Worsley as easy as possible. We offer a free property valuation service and a friendly team of experts with excellent knowledge of the local area. For further advice or help with selling a property in Worsley, give us a call on 0161 790 3999.