Selling Your House in 2017: Things to Consider
If you are looking to sell your home this year, then the market is definitely on your side. With the rise in house prices and abundance of buyers, 2017 has created a seller's market, but there are some things to consider before you list your home on the market.
Is the Boom Starting to Stall?
House prices in London grew nearly 4% in 2016, which was below the 4.5% average for the UK, while luxury apartments are still commanding top prices. However, the average asking price for a four bed home in London has fallen by around 8% over the last year and overall house prices have grown much faster in eastern England and the West Midlands than in the capital, research shows.
The UK is facing a shortage of homes and even with the government's recent Starter Homes announcement, this is unlikely to change until around 2020, experts predict. While Help to Buy and the Bank of Mum and Dad are helping first time buyers to get on to the property ladder, sellers are still in control of dictating prices. The increased demand for properties, specifically in popular areas, will continue to keep prices buoyant.
Although the UK voted to leave the EU in 2016, the real effects of this vote won't be felt until at least the end of 2017, with some directly involved in negotiations saying it may take 10 years until the deal is done. So while you need to keep an eye on the Brexit timetable, it should not affect house prices too dramatically through 2017. If you're looking to sell in the first quarter of 2017, it might be worth getting your home on the market before the uncertainty over the UK's future can have an effect.
If you're looking to sell your house in 2017 then let trusted property specialists Simmons & Sons guide you through the process and get the best deal for your home. Contact us today to discuss how we can help you.
Posted on Jan 24 2017