Every year the market cools during the school summer holidays as families focus on enjoying the good weather, going on family holidays, and arranging childcare whilst the children are off school. This year is the first summer since 2019 that many people have been able to travel restriction-free and catch up on long awaited or rearranged holidays.
As a result, many people put their moving plans on hold over the summer whilst they enjoy their first getaway causing fewer properties to be available on the market, and fewer buyers actively looking. For the first time this year, house prices have fallen but this is no surprise. Here at Nicol Estate Agents, the high demand for good schooling has ensured the market remains buoyant and prices are still on an upward trajectory for the rest of the year.
The average asking price in the UK fell by almost £5,000 to £365,173 according to the latest House Price Index*. This is a 1.3% drop which is consistent the figures we have seen in August over the last decade. Prices were expected to fall so this isn’t a surprise – but now that here in Scotland schools are back, now is a good time to market your home should you want to not only move by the New Year but also show your home in the best light.
Selling in August/September means that with the average selling time to completion standing at four and a half months, you could be in your new home by Christmas and New Year. What’s more, the days are still lighter for longer and with the weather still mild and often sunny, flowers still in bloom and light flooding your home, it will be presented in the best light.
With another interest rate rise set to be announced in October, those looking to move in the next few months can secure a favourable fixed rate mortgage offer to help them get ahead of any increased borrowing costs. At present, the recent rate rises aren’t having any significant impact on house prices or the number of people wanting to move but this could change as we head into 2023.
If you’re considering a move, we would strongly recommend that now is the time. It’s still summer, so your home will look bright and spacious, you can still get a great mortgage deal and you can look forward to the New Year in a new home. Talk to our friendly team for a free market appraisal.