We are often asked when is the best time to sell my home? Many people across Lancaster and Morecambe, always presume that Spring is the best time. Maybe it’s because trees start to leaf, early flowers start to bloom and the area somehow looks a little brighter.
Would it surprise you if I told that our markets aren’t that seasonal? People move at all times of the year, for all sorts of reasons. We have even sold homes before on Christmas Eve and also in the days between Christmas and New Year!
Our research team decided to look to look closer at when people move, comparing when mortgage approvals are agreed against when transactions (completions) actually happen.
In the 5 years pre-pandemic, summer (27%) and autumn (26%) recorded the highest proportion of sale completions. The time it takes between exchange and completion, suggests the peak in market activity would have been spring / summer.
Equally autumn (26%) and winter (22%) are certainly not sleepy times for the sales market. Mortgage approvals also suggest a very constant spread of demand.
We must point out though that policy changes and incentives, such as Stamp Duty changes, can artificially influence the seasonality of the sales of homes. It would be remiss of us, not to highlight this.
One thing we can say though is that the housing market certainly isn’t seasonal. Despite the cost of living crisis and increases in the mortgage rate, our team still successfully agreed 11 new sales last week. I don’t think removal companies are going to have a quiet winter season!
If you are thinking of moving and would like to chat about what is happening in the Lancaster and Morecambe housing market, please get in touch. At JDG we are here to help.
Thanks for reading
Michelle x