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When is the best time to market my property?

One of the most common questions I am asked on valuations is “when is the best time of the year to market my property?” Historical data shows that there can be big variations on the interest that a property receives depending on when it is placed to the market. Generally speaking, we have two busy periods throughout the year, the first being Spring. 

March and April are typically very good times to market a property. The days get longer and the weather gets warmer which entices buyers out to view property. Purchasers want to be settled into their new homes for summer and enjoy inviting their friends and family around for garden parties and BBQ’s.

The second period of the year that is traditionally a good time to sell is right now, September and October. An increase in home buyers is seen throughout September and October in the build up to Christmas. To be discussing Christmas this early in the year can seem premature to say the least, however the conveyancing process alone typically take 8 to 10 weeks so to ensure that you are moved before December, it is recommended that you market your property with plenty of time to spare.

Throughout 2015 we have seen a supply and demand issue when it comes to property in Mid Devon. In a nutshell, there are more buyers wanting to purchase than there is property coming to the market. The reason that we have seen an increase in buyers can be attributed to a number of factors.

The first is the stamp duty reform. At the end of last year, the government announced a change in the way that stamp duty tax is paid. Instead of paying the tax on the whole of the property’s price, buyers  now only pay on the chunk of their home’s value that falls into each bracket. As an example, under the old rules someone buying a property worth £150,000, they would have paid one per cent tax on the whole amount - £1,500. Now, someone who buys a £150,000 home pays nothing on the first £125,000 and 2 per cent on the additional £25,000 - reducing the total tax bill to just £500.

Another factor which contributes towards the increase in buyers is mortgage availability and government schemes such as help-to-buy. The number of homes sold under the help to buy scheme hit a record high earlier this year. 4,745 new homes were sold in one month alone under the equity loan part of this scheme. Since its launch in 2013, a total of 112,803 mortgages have been arranged under help to buy.

Lastly, the housing market in Exeter can have a big influence on the amount of buyers looking in Mid Devon. In the past twelve months, agents in Exeter have reported a sharp increase in demand for property which has lead to rapidly rising and sometimes un-affordable prices. More and more buyers are realising that property in the Culm Valley can offer more value for money. As Exeter and Cullompton are only separated by one motorway junction, the commutable journey time is also relatively short.

All of these factors have contributed to what has been a strong first nine months to the property market 2015 in Mid Devon. If you would like an up to date valuation of your property as we approach what is one of the best selling periods of the year, please contact Jack Battersby of Wilkie May & Tuckwood, Cullompton on 01884 38832

14 September 2015 by
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