According to Zoopla, it’s estimated that 1.5 million homes will change hands in 2021, making it the busiest year for the housing market since 2007.
There’s a few reasons that might have happened.
Prices started falling back in 2016 after the EU referendum.
The global pandemic and the, what felt like, never ending lockdowns has had everyone reevaluating aspects of their life. Things like bigger gardens, office space, not wanting to be in the city and being closer to family and friends.
And then, on top of that, because of the pandemic, the government announced a stamp duty holiday back in July 2020. This meant that for anyone buying a home the first £500,000 was exempt from stamp duty, which could have saved a buyer up to £15,000. However, that ended at the end of June 2021.
So, with all of these changes, it’s no wonder why there are so many homes being sold and bought right now.
When is the best time to sell a house in London?
During winter, house sales drop because people have usually overspent over the Christmas period with presents, food, alcohol and all things festive. People are also busy with said festivities and don’t have the same free time to be viewing houses.
The summer months are largely the same. House sales drop because people are busy doing all things summery. Going on holiday, entertaining the children of the family whilst they’re on their six-week holidays and meeting with friends and family, soaking up the few good days of weather the UK gets.
So that brings us to the New Year. “New Year, new me” as the saying goes. Buyers try to get the year off productively and house viewings become a priority. And the same with spring, it’s almost the lull of the social calendar year – you’ve recouped from Christmas, and you’re waiting for summer, dreaming of the garden you want for those rare sunny London days.
Is now a good time to tell my house in London?
If you’re looking to move out of London then you can absolutely sell your house in London now. Although the stamp duty holiday is over, the influx of buyers is not. People are still looking to move into the city. 22% of people currently want to move, which is 5% more than usual.
The key to selling a London house is to strike when the demand is high and supply is low. As it always is. And the supply is still out there. People are still reevaluating their lives after the pandemic and the lockdowns. Some are starting businesses. Some want to be closer to work. Some want to live in the city. Some want more space and are moving out to suburbs to get that. Some have permanently transitioned into a more flexible working life and are looking for home office space to accommodate that.
Even in the wake of the pandemic, Brexit and lockdows, London house prices are still up 2.3%, so now is definitely still a good time to sell your house in London, if you want to, or need to.
Could it be better to wait?
The market is still moving pretty fast and house price growth isn’t expected to slow until way into 2022. Which, of course, isn’t that far away, but it could be worth your while waiting a little longer if you can.
If you are looking to sell, but have some renovations to do on the house, now would be the perfect time to get them done so you could look to sell late next year, just before the market slows.
If you’ve been thinking of refreshing the paint, putting in that new kitchen, remodelling the garden, now might be your time to do it.
However, even if you are planning to wait it’s worth staying active on the market so you know whether houses are selling, whether people are dropping prices, or whether they’re flying off the shelves like hotcakes. Being active on the market and tracking other homes in your area could help you make a more informed decision about when to put your London house up for sale.
Is there a quick way to sell my house in London now?
- A cash house buying company
This is a quick easy way to 100% guarantee a sale. There are usually no costs, no estate agent fees and no commission to pay. Particularly helpful for those who have a pressing need to get a quick house sale.
- Property auction
You can’t guarantee a sale or even a price with a property auction. And the auction house will take a percentage. But you could also get lots of interest and get more than you bargained for. This method involves a little bit of luck.
- Estate agent / Multiple estate agents
A typical estate agent will be able to arrange viewings and most of the process for selling your house.
- Reduce the price
People love a bargain, so if you drop the price (if you can afford to do that), you’ll be sure to have your London house snapped up.
So, should you sell your house in London now? Well, that’s totally up to you. Take a look at what houses around your area are selling for, check how long they’ve been on the market, and even speak to an estate agent to see what they’re opinion is.
The effects of the pandemic haven’t slowed down yet, and people are still looking to move around and adjust their living situation, so it’s definitely worth looking into if you’re thinking of selling your London home.
About Richard Mews
Richard has 31+ years of property experience, has been Chairman of several regeneration committees and has helped more than 600 homeowners and landlords get easy, stress-free personal solutions for selling their property. Richard’s goal is to give you unbiased help to receive a quick house sale, even if that means not working with him.