Why homeowners should sell up sooner rather than later
This is shaping up to be the perfect year for UK homeowners to cash in
It’s a golden era to be a property owner in Britain.
Homeowners who sold last year cashed in £95,000 profit on average – an increase of 14% compared to those who put their property on the market in 2020.
With prices continuing to rise alongside inflation, all the trends are pointing in the right direction for homeowners. Data shows numbers improving year on year, meaning many are tempted to keep hold of their assets to rake in even bigger profits in 2023.
However, some experts are saying that this year will be the best time to sell.
The sharp rise in property prices is beginning to taper off – and there is a real possibility the increased cost of living may detract potential movers in the coming months.
Terry Fisher, CMO of leading UK property buying company WebuyAnyHomeExperts.com says: “Whilst house prices are higher than before, the monthly rise is showing significant signs of slowing down.
“A recent study by Halifax showed that the monthly rate of increase has now slowed to just 0.3%.
“Along with the forecast that two more interest rates will hit those looking for a mortgage, there is a chance we have reached, or are reaching the peak for seeing a significant return on your property.”
In the world of property, location can play a key role in determining price. Homes in the North West of England have enjoyed the biggest valuation bumps – increasing 12% in 2021. But it was Wales where people made the biggest profits – an average of 13.9%. The south typically recorded smaller increases, but London properties still saw 4.5% inflation.
An investigation from one estate agent showed demand for particular types of property – with profits of around £152,000 being made on detached houses (with the majority of homesellers cashing in after 10 or more years of residency).
The manner in which houses are being sold in the modern age is also changing. With the temperamental nature of the property market, many homeowners are now turning to online vendors – which enables them to make money immediately whilst eliminating other hurdles such as parties dropping out.
The process of using estate agents can be slow and complex, and those hoping for a quick, guaranteed sale can use the likes of WeBuyAnyHomeExperts.com to get their property passed along in less than a week.
With many of these vendors now covering the extra costs of solicitors fees, homeowners who want to enjoy a quick profit from their house sale in 2022 could be best served by going the online route.