I had a homeowner from Hampton Hill email me the other day. She said she had been following my blog (the Teddington Property Blog) for a while and wanted to pick my brain on when is the best time of the year to sell a property. Trying to calculate the best time to put your Teddington property on the market can often seem something akin to witchcraft and, whilst I would agree that there are particular times of the year that can prove more productive than others, there are plenty of factors that need to be taken into consideration.
Even if you are putting your property on the market, you don’t know how long it will take to find a buyer – no crystal ball to help with that one. At the moment, the latest set of figures for all 18 estate agents in Teddington, show the average length of time it takes to find a buyer for any Teddington property is as follows:
Detached 71 days… Semi 65 days… Terraced 85 days… Flat 136 days… Overall average… 110 days.
If we roll the clock back to January 2016, the overall average time it took to find a buyer (again using data from all of the 18 Teddington Estate Agents) was 118 days.
So, on the face of it, things have improved slightly over the last nine months or so. Well, when I looked at the data going back to 2012, and the average length of time it takes to sell a property drops between January and the Summer months, for it to rise on the run up to Christmas. For example… Winter 2012, 138 days… Summer 2012, 104 days. And in more recent times…Winter 2014, 102 days… Summer 2014, 82 days. Winter 2015, 103 days… Summer 2015, 93 days.
Coming back to the present, even if you placed your property on the market today in Teddington, if it takes you on average a little over fifteen weeks to find a buyer, then you can expect solicitors and the chain to take an additional eight or twelve weeks after that, before you move. It comes down to personal choice as to when you place your property on the market.
There are times of the year when it’s better to sell, and times when waiting a little longer can pay off in the long run. In a nutshell, I would say this is the way of the seasons.
When To Market?
Spring: Customarily there are more house-buyers as the Daffodils show themselves.
Summer: Sellers may miss out on house-buyers being on holiday.
Autumn: The enthusiasm for buying homes returns.
Winter: Interest diminishes as festive period looms.
What this means to buyers and landlord investors is that they often pick up a bargain in later months of the year, as there is less competition from owner occupiers. So, whilst there are better months to achieve a quicker sale, the only piece of advice I can give to every home owner and landlord is Teddington, is do the right thing for yourself, do your homework and buy (and sell) with both your head as well as your heart.
If you’re interested in knowing more about property investing, then please do get in touch. Always more than happy to go for a coffee to chat property – no charge!