Is 2022 a Good Time to Sell Your Home?
Written by: Paul Thompson on 22nd September 2022
If you’ve been considering moving, we’re sure you’re wondering whether you should sell your property in 2022 or wait until next year. Whilst all homeowners’ circumstances are different, the housing market and wider UK economy will impact on your sale whenever you decide to make a move. So, let’s talk about what’s happening in the market at the moment, and whether now is a good time to sell your home.
Figures from the Office for National Statistics (ONS) show an annual rise in average UK house prices to 14.3% in August 2022. With the average house price in August 2022 being £315,965. Interestingly, East Midlands saw the biggest increase in house prices of a whopping 16.9% since August 2021.
Why is This Happening?
Since the start of 2022, the housing market has been dealing with an imbalance in supply and demand. There were more buyers looking for new homes than available properties on the market. In fact, property portal Rightmove recorded its busiest January on record for home-movers, with activity up 16% on the previous year, and a staggering 41% increase on the pre-pandemic market of 2019. As we headed towards the summer months, requests for property appraisals increased across the UK, as more homeowners took advantage of high levels of buyer demand. So, from this perspective, the property pool has never been fuller.
So, is this indication of general market growth sufficient to encourage you to put your property on the market? Here are a few issues that could influence your decision, plus, if you are still unsure, a potential solution that you may not have previously considered.
How Does The Cost of Living Crisis Impact Selling Your Home?
The cost of living crisis has affected millions of homeowners financially across the country since the start of the year. But plans have been put in place by the Government to help residents with rising costs, and to help them save even further when moving home. In summer, Prime Minister Liz Truss pledged to help homeowners by freezing the cap on energy prices at £2,500 for two years, and chancellor Kwasi Kwarteng announced a cut to Stamp Duty Tax to save on house purchases. First time buyers are set to benefit from a new threshold of £425,000, and other homeowners won’t pay stamp duty on a purchase up to £250,000.
What Does This Mean for Sellers?
When you combine the three aforementioned factors: increased number of sellers, cost of living crisis, and stamp duty cuts. In actuality the outcome looks great for auction. The seller increases and stamp duty cuts are fuelling supply and demand for the property industry. But auction properties aren’t seeing the price hike that the private treaty market is. This means that buyers are looking to get the most for their money elsewhere as the traditional market system is failing them, and this is where online auctions step in.
Have you considered selling your property at online auction?
Although placing your home with an estate agent is often seen as the ‘conventional’ method of selling, it is not always the best way. If you do decide to sell your property, an alternative option is to use an established auction house.
Selling at auction offers certainty and is a secure way to move on without the danger of buyers dropping out, or you being stuck in a chain and reliant on other parties for a successful conclusion. Plus it can be over four times faster than selling with an estate agent.
Furthermore, winning bidders are legally-bound to the process, and must pay a 10% deposit before leaving the auction house.
Sell Your House Fast
The selling process has a fixed timescale, and you only deal with genuine buyers who have their finances already in place. According to the October 2017 RICS UK Residential Market Survey, the average time to complete a residential house sale is 18.5 weeks, compared to just 4 when buying with Pugh Auctions.
Take Advantage of Competitive Bidding
This viable and increasingly popular option replaces what can be a prolonged and stressful selling procedure that does not always bring the expected rewards. Competitive bidding is often a feature of property auctions, and once a bidding war begins, prices commonly exceed those that can be achieved using traditional sales methods.
We’re Experienced Online Auctioneers
Pugh can assist in the sale of your property. With vast experience of auction sales, and comprehensive knowledge of the property market, we will provide advice throughout to ensure you understand every stage of the process.
Selling your property at auction allows you to move on quickly, and take advantage of a tried-and-trusted process. If you’d like to discuss selling or buying a home at auction in 2022, Pugh & Co would be delighted to help. You can call us directly on 0345 505 1200, or email [email protected]
Written by: Paul Thompson on 22nd September 2022