Autumn property market remains strong
While spring is traditionally the busiest time of year in the property market, there is a lot to be said for the property market being more robust all year round now. There are a number of reasons why the autumn property market should be regarded as a sensible time to engage with the market. With respect to autumn of 2016, the UK property market appears to be responding positively to the trials and tribulations of spring and summer. A combination of the new stamp duty laws and the EU Referendum vote impacted on the UK property market in a significant manner but there is a suggestion that the market is starting to rebound. After a fall in the previous two months, September 2016 figures suggest that the price of property coming to market has risen by 0.7%, or by £2,277.
Other quick statistics that suggest autumn of 2016 is looking positive include:
- Prices asked for by new sellers are £20,000 higher than they were in September of 2015
- 70% of regions are experiencing asking price rises or constants compared to 80% of regions experiencing falls in September of 2015
Reasons why autumn is good for the property market
The fact that there is evidence which shows the autumn market is faring well is good news but it won’t come as a surprise to observers of the UK property market. Some of the reasons why autumn is now considered to be a strong time of year include:
- Many people want to be settled in their new home before Christmas and New Year
- Some properties and areas look fantastic in autumn
- Savvy buyers want to review a property in autumn as opposed to the height of summer
- Many people are still unavailable/on holiday over the summer months
- Online estate agents and property portals provide more time to view properties
Bearing in mind that the market traditionally favours spring, it is not unreasonable to suggest that some people and firms will focus their energies on this time of year. No matter the industry or market, there will be people that stick with the traditional methods and will do what has always been done. However, if some people or firms aren’t going to list properties in autumn because this is not the best-selling time of year, other potential sellers should view this as an ideal opportunity to promote their home. Fewer properties on the marketplace provides a greater likelihood of making a sale, so there should be a strong level of interest in the autumn property market, if only to take advantage of the few people that drop out at this time of year.
Improving technology, changing mind-sets and a far greater level of interest and demand for property in the UK means that this is now a market that operates strongly all year round. With this in mind, it is easy to see why autumn is now an important time of year when it comes to buying and selling homes. The autumn property market remains strong and this is indicated by current market figures and an understanding of how the modern property market operates/