Making pounds from our properties is something all homeowners hope for. But with a constantly fluctuating housing market and Brexit looming, it can be hard to predict whether we’ll be able to turn a profit from our bricks and mortar.
But now new research has revealed that the time of year we put our homes up for sale could have a big impact on their final purchase price. Using Land Registry sold price data, Springbok Properties examined price trends across the four seasons and looked at the impact temperature climbs had on the price buyers paid for a property. And the results were very interesting indeed!
They found that for every degree increase in the temperature, there was corresponding £1,461 increase in property prices. And when it came to the reverse trend, they found a fall in property price of £2,838 for every degree the temperature drops.
Best season to sell a house
Their analysis showed that sellers were frozen out the most in autumn, while offer prices heated up in the summer – creating a gap of £11,488. Their breakdown of average sale prices in the UK is as follows:
- Winter (21 December to 19 March) – £291,810
- Spring (20 March to 20 June) – £293,347
- Summer (21 June – 22 September) – £301,321
- Autumn (23 September – 20 December) – £289,833
So as you can see, you’ll come out on top if you sell between June and September. Interestingly, the Homeowner’s Alliance – an organisation championing and supporting homeowners – notes that ‘spring always comes out on top as the best time to sell’. However, this new research suggests that spring is a good time to put your house on the market, ready for those offers to come rolling in over the summer.
We have no idea whether balmier temperatures tempt more buyers to pound the streets in search of their new home, or whether a property’s exterior looks much the better for being dappled with a bit of sunlight. Either way, it gives a whole new meaning to the term ‘hot property’ and it’s certainly something to keep in mind when preparing your home for sale.
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Have you noticed the above trend with your property?