Many factors play a role in the fluctuation of the UK property market. This time last year we saw a drop in house prices by 1% due to the results of the Brexit vote. In the early months of 2017, we’ve seen the market slow with uncertain buyers and sellers holding off. Now, with the summer months on us, are we about to see a summer slowdown like with previous years?
We know that the early spring months are the best time of year to sell your property as the market is full of eager buyers. However, as we head into the summer months, things may start to slow down. With a lot of people away on holiday and parents caring for their children during the summer holidays, your local property market may not be seeing enough demand from buyers. So what can you expect from this summer? Surprisingly, things are looking up. Although we’re seeing a slowdown in the annual increase of the average property price, prices are still rising. Compared to last year where more than £3,600 had been deducted from the average selling price of a home in July, summer 2017 is looking like a reasonably safe time of the year to sell your home. Especially so if you’re wanting to move house before the New Year. Although the autumn months can be a good time to sell your home, the average time a property spends on the market is around six weeks before it is sold. Add another six weeks for the contracts to exchange, and suddenly the winter holidays are at your doorstep. So if you would like to relocate before the start of the festive period, now is the time to get on the market!
If you’re thinking of buying or selling, get in touch! We’re a friendly bunch, passionate about our county and our counties beautiful properties. We can be reached on 01603 300900, by email at [email protected] or pop in and see us at De Vere House, St Faiths Lane, Norwich, NR1 1NE.