After what has been an eventful 2016 for the UK as well as for the rest of the world and the release of the New Autumn Statement, we thought we’d have a look into what 2017 is expected to hold for us.
A brighter end to the year
Good news for buyers this week in the UK. Following reports by Nationwide Building Society, Annual house price growth slowed to the lowest rate in 10 months with property value increase at 4.4% year on year in the last month of November, taking the average property price to £204,947.
As a result of this unexpected stability after a stormy summer for the housing market, mortgage approval rates increased in October and new buyer enquiries have increased modestly.
Even better news, if you are able to pull together a 10% deposit for your dream home, two-year fixed-rate interest rates are a record low for mortgages, at only 2.42%.
So, what about people selling their homes?
With a modestly low number of houses and properties on the market, now has actually never been a better time to sell your home. Most people think that Spring is the best time to make the decision to sell up and move on but that may not necessarily be the case. Although it is known that the housing market generally slows downs in the run up to Christmas it is actually a great time to take the leap. You’re probably wondering why? Our reasons below.
Yes, that’s right. It’s cold and although we had a fantastically long summer this year, when Winter came, it came good. It’s not the ideal weather to go looking for a new house, so if a potential buyer is coming to look at your home, you can be sure that they are serious about buying.
People believe that buyers won’t come out searching for homes during the Christmas period so they generally don’t put their house on the market which means less competition for you. One drop of Serious sellers, a sprinkling of serious buyers and to finish, a beautiful home and you have the perfect recipe to make a Christmas sale. On the flip side, as a buyer, you will be more likely to have an offer accepted for all the above reasons.
Baby on board
Families looking to move have normally outgrown their current home or are looking to extend their family. The most popular months for births in the UK are September and October, the 9th and 10th month of the year. Most people will look to start the buying process in the early stages of pregnancy or before conceiving, giving them enough time to settle in before the little one arrives.
The real deal
There’s nothing like walking into a warm home, maybe with an open fire and Christmas tree as well as lights and decorations. People LOVE Christmas. They are happier, friendlier and most usually in good spirits. Making your home inviting will help potential buyers visualise themselves in the house the following year.
The beloved annual leave
Most people have time off at Christmas and it’s a great opportunity to get organised. Larger companies and organisations still open over the Christmas period, so if you need to gather certificates or paperwork for the big sale, this period is a great time to do it. You will also have time to talk to your estate agent so that they can help find you the right buyer for your home, or equally as a buyer, help you find you your dream home.
Whether you’re buying or selling this Christmas, our expert team at Peter Lane will be able to assist you throughout the process. Recommended and trusted for over 25 years by our clients. Why not give your local branch a call today?