Selling your home is one of life’s biggest decisions, so entering the property market at a good time is an important consideration for many. Now is a great time to sell your home – here’s why.
There are more buyers than properties
The ratio of buyers to properties is currently high, meaning that demand is higher than supply. If you’re planning to sell your home, you’ll be entering a market with the highest number of buyers in a decade. This makes your house more likely to sell – not only quickly, but also for a higher price.
House prices have reached an all-time high
House prices have reached a record high this year, fuelled by the post-lockdown stamp duty holiday and an increased demand for space. Property sales rocketed in September 2021 – up 67 per cent from August – as buyers rushed to make the most of the stamp duty holiday before it came to end. Prices are still at an all-time high: the average house price in the UK is currently £264,244, up almost £15,000 on the previous year’s average of £249,633.
House prices were set to increase by 1.7 per cent in October, so house prices are likely to increase further by the end of the year.
A large number of homes are selling for over asking price, although this is thought to have slowed slightly from earlier in the year.
If your home has increased in value since you bought it, you’re thinking of downsizing or you don’t need to buy a new house, there’s never been a better time to sell.
Mortgage interest rates are low
Despite high house prices, interest rates are incredibly low. Lenders are competing to offer the best deals in a crowded and competitive market. It is expected that interest rates will rise in 2022 with the Bank of England expected to increasing rates in response to inflation, so now is the best time to sell up and secure a new mortgage on your dream home.
Seeking advice from a mortgage adviser is often free and gives you access to the best deals that aren’t available on the high street.
If you’re thinking of selling your home in the Andover area, get in touch with Graham & Co today to arrange a free property valuation.