In the year 2024, I found myself contemplating a rather significant question, “Should I sell my house now?” The cost of living crisis was looming large, and mortgage rates were unpredictably oscillating.
It seemed like a pretty grim time to even consider selling a house, yet, I couldn’t help but feel that it might be the right move. I pondered, “Should I sell my house now?” The answer was a resounding yes. I realised that people still had myriad personal reasons to buy homes and relocate.
Some were dealing with life’s harsh realities like death, debt, and divorce, which were perennial triggers for home transactions. Others were relocating due to job changes, or were looking to downsize, or needed more space for their expanding family, or had inherited a home they wanted to sell.
The motivations were as varied as they were personal. I understood that while investors might be driven by profits and fluctuating house prices, for homeowners like me, the priority was always to make decisions based on individual circumstances.
But, it was also clear that our homes were often our most significant financial assets. So, understanding the current market trends was essential while pondering the question, “Should I sell my house now?” I delved into the state of the property market at that time.
I found out from Halifax that while the average house price in June 2024 had dipped slightly by 0.2% from the previous month, it was still higher than June 2023. This offered some solace in an otherwise uncertain market.
There was chatter about a potential crash in house prices in 2024, but these were mostly unfounded. Some fluctuations were evident, but the general prediction was of an increase by year-end. Zoopla and Savills foretasted a rise by 1.5% and 2.5% respectively. This data was somewhat comforting. I also discovered that houses were indeed selling. The number of residential property transactions was on an upward trajectory, according to HMRC data.
And, the average time to sell a house had decreased over recent months from 78 days in January to 60 days in May 2024. As I considered whether to sell my house then or wait, I realized that if my motivation was the anticipated appreciation of my property, the same logic would apply to the house I would want to buy, evening out any potential gains.
I concluded that it was not a bad time to sell. With distractions like the General Election, Euro’s and Wimbledon over, buyers would refocus on house hunting. Of course, the summer usually saw a lull in the housing market, but I planned to use that time to research, find an estate agent, and agree on a price,
ready to act in earnest by September. I knew some Buy to Let sellers were eager to act and sell, anticipating a potential rise in capital gains tax by the new Labour government.
But for most homeowners, the decision hinged on affordability. The lowering of mortgage rates was a positive sign for both buyers and sellers.
Finally, before deciding whether it was the right time for me to sell, I researched my house’s competition on Rightmove and Zoopla, consulted local estate agents about demand for a house like mine, and checked local sold prices.
This information helped me decide if I could stick to my desired asking price or if I had to consider a reduction. In the end, even amidst the uncertainties of 2024, I realised that the decision to sell my house was as personal as it was pragmatic. And for me, the time was just right.
