Should You Sell or Rent Your Home in the Current Housing Market in the UK?
The housing market in the UK is always a hot topic. Many people want to know what the best time is to sell or rent their home. Which option will maximise returns? Should they rent an apartment or stay put in their family home? You need to know the answers to these questions to make a wise decision. Read on to know what experts including estate agents in Winchester have to say about the current housing market.
What is the current housing market situation in the UK?
In the UK, the housing market has been booming, but there are now indications that things are slowing down.
Let’s examine a few crucial elements:
1) According to the Nationwide Building Society, the annual growth rate of house prices was 7.2% in the year to October, down from 9.5% in September. This decline is the sharpest since June 2020 and the first one since July of last year.
2) The growth in home prices was down 0.9% month over month. The sharpest decline since June 2020, this collapse is also the first of its kind since July of last year.
3) According to the Nationwide Building Society, the average price of a home is present £268,282, down from £272,259 at one point.
When is it good to sell a home?
The housing market is currently good for sellers. If you want to sell your home, it’s a good idea to wait until the market is favourable to sellers. This means waiting until there are plenty of buyers looking for properties, and not so many sellers competing for them. You should also make sure that you’ve priced your property fairly and that it’s in good condition before putting it on the market.
If you’re worried about whether or not now is a good time to sell, talk with an estate agent who can guide you on whether you need to list your home for selling.
The best time of year to sell your house will depend on where you live, but generally speaking, most houses sell more slowly during autumn and winter than they do during spring or summer (when families are considering school holidays).
When is it favourable to rent a home?
If you’re planning to move soon, renting may be the best option for you. Renting can reduce your risk and help you save money for a down payment on another home.
You are also less likely to want to sell in a short period of time if:
- You have a large deposit saved up for your future home (that is, more than 20% of the value of that property)
- Your future plans include moving again within five years or so
- You don’t have enough money saved up to cover repairs or renovations needed at your current place
- In order to make the right decision, you need to consider several factors.
- The housing market. If you’re not sure if now is a good time to sell or rent your home, look at how quickly homes are selling in your area and what price they’re selling for. You can also find out about the rental market by looking for apartments for sale near your home.
- Your personal situation. Think about who will live in the house and whether or not they need a mortgage, as well as how long they’ll stay there (and whether or not their lifestyle will change). If it’s just a short-term lease that won’t last more than 2 years, renting might be a better option because then when it’s time for someone else to move in again you won’t have any problems finding someone else who wants this type of property or an equivalent one nearby.”
The housing market is always changing, so you should keep up to date on the latest developments and make sure you’re making the right decision for your situation. If you have any questions about renting vs. selling or how much your home is worth, get in with your local estate agent today.