Annual growth of property prices has continued to decrease, and it is now the lowest level recorded over the last three years.
Sellers may have to accept that buyers simply cannot afford to pay 2022 prices for their home in 2023, but the flip side of that is that their own new home should be cheaper, too.Spring is traditionally the best time to sell your house – but if that’s going to be you in 2023, then right now is the time to start thinking about it.If you’re a seller, then perhaps start considering getting your house on the market to get ahead of the spring competition. But it’s a big decision – and with the economy in turmoil, is now a good time to sell?
UK house prices have seen some stability at the start of 2023, with the average house price remaining largely unchanged in January at £281,684, according to the latest Halifax House Price Index.
This was a very small decrease from December, where the average price was £281,713, and followed a series of “significant” falls at the end of last year where prices declined for four months of last year.
The average house price is now around £12,500 (-4.2%) below its peak in August last year, though it still remains around £5,000 higher than in January 2022 (£276,483).
In a nutshell, there continues to be high demand for property. However , take into account these key tips for selling your home.
1. Do your homework. Do not overprice your property.
The market is price sensitive, particularly when house price growth rate has declined, so be careful that your price is sensible.
2. Use an experienced Estate Agent
Now is the time to get real value out of your agent. Make sure your agent is a skilled experienced negotiator, as you need them to negotiate the best deal for you.
3. Swings and roundabouts
So, you may well get a lower price for your home than last year. However, chances are you will also buy for less. A shift in the market place can still work out the same when selling and buying your next home.
4. Mortgage rates are still relatively low!
Remember in 1995 when mortgage rates averaged 7.93% , and in 1990 they peaked at 15.40%! So, in comparison, mortgage rates are still really attractive, making the option of buying a positive option.