Redstones Residential Sales

House Prices Are At All Time High – Is It Time To Sell?

Updated statistics on house sales released this week have revealed that the price of houses in England and Wales are at an all-time high.

Does this mean now is the optimum time to sell?

The answer, as always, isn’t straightforward.

The report, from the Nationwide Building Society, revealed a 0.5% month rise in house values to an average £189,333 during October, a contrast to the slight fall seen in September.  For property owners who are weighing up their options, a number of factors need to be taken into consideration, including the following:-

  • House price growth has slowed slightly overall for the last two months and the Nationwide suggests it has lost some momentum.
  • The number of mortgage approvals in September represented a 14 month low.

Having said that, there are several additional issues to take into account:-

  • Homeowners wishing to downsize may find it a particularly favourable market right now.
  • With the economy still growing, many experts suggest that this slowdown is only temporary.
  • As we draw nearer to Christmas buyers typically put their purchasing plans on hold so a seasonal slowdown is traditionally expected from the end of November and should be regarded as normal.

It is also anticipated that with growing consumer confidence, falling unemployment and record low mortgage interest rates, buyer interest in properties will remain high.

Is renting your property an alternative?

The saleability of your property is influenced by a number of variables, including its location and the market trends unique to your area. While uncertainty over the housing market continues, the private rental market is thriving. The average monthly rent is at an all-time high in England and Wales and while month-on-month increases may slow down, the overall trend is still upward. Nor is this rise limited to London and the South East; both the North West and the East of England are competing with the capital in the private rentals market.

For property owners considering selling but unsure of the best way forward, talk to a reputable agent with a track record and reputation for customer service. Your local Redstones office will be able to advise on the most appropriate way forward for your unique circumstances.

Selling via auction

At Redstones, we know from experience that the housing market can remain stubbornly unpredictable regardless of current trends.  Some properties may be difficult to sell all year round for a variety of reasons outside the owner’s control.

Homeowners who need to sell their property quickly regardless of the timing or circumstances may wish to consider selling via auction. Redstones offers the modern method of auction for residential properties falling into this category. Our previous article, Should You Sell Your Property At Auction? provides more information for property owners considering this route to market.

Whatever your reason for selling, it’s vital to consider all of the options available to ensure you achieve the best possible price. Contact Redstones today to discuss the most appropriate route for you.

For potential buyers seeking the best mortgage deal, Redstones Financial guarantees to find the most cost effective mortgage for your personal financial situation.

You may also find our previous article Selling Your House? Get Your Timing Right helpful.