When it comes to property, Spring is regarded as the best season to sell your home. With gardens in bloom and good light around, there are plenty of reasons to consider selling up and moving house.
But what are the key things to keep in mind when moving home in the Spring? For example, how much should you expect to sell your property for, and how much should you be looking to pay to buy? Are you moving to a place that will meet all your requirements in terms of size, location and structural considerations? Is it worth, perhaps, relocating to another part of the country that is more affordable? And how do you go about choosing a conveyancing solicitor to tie up all of the loose ends around the exchange?
In this article, we'll answer all of those questions and more, covering the key things you'll want to consider when moving home this Spring.
Why do more people look for property in Spring?
During the Spring months, casual prospective buyers are more likely to turn their passing interest into something more tangible and go to look at properties when the weather is good. Parents are also keen to look for property in Spring, as it means they will likely complete at some point over the Summer holidays.
What are house prices like this Spring season?
According to Rightmove, this Spring is a particularly good time to sell your home, with average asking prices of homes across Britain having reached a record high. Average asking prices rose by nearly £6,000 in March alone, with the national average now standing at £282,753.
The south west has seen the biggest rises, with annual house price growth of 14.6%. Wales saw a 14.1% growth in the year to March (average price £211,942), the north west 12% and the south east 11.6%. London has been the UK's weakest performing area with growth at around 6%.
Homebuyers should be rightly optimistic about getting a good sale price, but consequently should also be prepared to pay handsomely (and come up against stiff competition) for your next property. It could even make sense to sell whilst prices are so hot and rent for several months until rising inflation puts a dampener on the housing market, at which point prices would be expected to fall.
Be prepared to move with a ‘spring' in your step
Another thing to consider when moving house this Spring is that things are happening faster than usual. Buyers are up against huge competition this year, as there are more people looking to buy than there are homes for sale. This means that you'll ideally need to have a buyer lined up (subject to contract) for your place to put you in the best possible position compared to other buyers competing for the same property. Avoiding delays and ensuring things progress quickly when selling your home is far easier if you have access to a good sales conveyancer.
Spring movers should remain optimistic - March and April see the lowest average time to sell (i.e. from emerging onto the market to going under offer), at 57 and 58 days respectively.
Is the property big enough for my needs?
When deciding if a place is going to be big enough for your needs, think about where you're currently living, what you like and dislike about it and if size comes into that consideration. Assess your finances and what you can reasonably afford both to borrow and to pay on a mortgage each month.
Look to the future - for example, are you planning on starting or adding to a family at any point soon? If so, buy an extra bedroom than you think you'll need at this current point. Do you need a spare room (or two) to accommodate a home office? In which case, can you afford to lose a bedroom to make this possible, or do you need a separate space?
And if you're buying as an investment and are looking to sell for a profit in a few years' time, this will be easier if you have more rooms to play with.
What is the area like?
The old adage of ‘location, location, location' really does ring true in the property world. Even if your new home doesn't tick every box for you, living in the right place will absolutely compensate for this. Be sure to spend time in the area to see if you can envisage yourself living there long term. Take public transport, eat and drink in local establishments, and go for a walk around the local streets to get a feel for a place. If you are unsure, you can always rent there first before committing to buying.
If you have children or are planning to have them, locality to good schools is a consideration that should be in your mind. The quality of the local jobs market might be a factor in your decision to move to a particular area, as are transport links, access to the countryside or proximity to shops and amenities. Overall, try to take a long term view. Don't get caught in a scenario where you feel you'll grow out of an area in a few years - try to see yourself somewhere that you'll grow into instead.
Don't forget to check structural defects
It's easy to get swept up in the magic of a new property, but how can you know what lurks beneath the surface isn't going to result in costly repairs or replacements at some point down the line? That's where a professional surveyor comes into the equation. It's important to thoroughly check for structural defects that you won't be able to see just by looking round a property.
A company such as Surveyor Local will be able to arrange for a fully qualified RICS professional surveyor to provide a full report, together with clear traffic-light ratings for various structural elements of a property. This will help to identify any structural defects that may exist and to help you make an informed decision. It's possible that you'll be able to ask for money off the purchase price as a result of defects picked up by a full survey, giving you peace of mind when undertaking the purchasing process.
Where are some of the most affordable places to buy in the UK?
Despite the average price of a home in the UK being around four times the average joint couple's income, there are places in the UK where you can snap up a home for well under £100,000. A property in Shildon, County Durham, is currently on the market for £55,000, sandwiched between the natural beauty of the North Pennines, Yorkshire Dales and North York Moors.
County Durham as a whole is the cheapest place in the UK in which to buy, with parts of Ayrshire in Scotland also seeing very affordable prices (with a property price to earnings ratio of around 1.1-1.5). It is possible to find affordable places to live within London boroughs. Barking & Dagenham, for example, currently sees an average property value of £336,900. And in other cities across the UK, Brierley Hill in Dudley (near Birmingham) sees an average house price of £194,200. Newcastle and Greater Manchester are more affordable still, with prices coming in between £135,600 and £153,000 respectively.
How to choose the right conveyancer for my transaction?
Conveyancing, the process of exchanging property from one party to another, is a key factor in the buying and selling process. Choosing the right conveyancer can be the difference between a frustrating and lengthy process and a quick, smooth one. Homeward Legal can call on an expert panel of residential conveyancing solicitors right the way across the country, pairing you with somebody local to you who knows the area inside out and can work quickly and efficiently.
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The first step is to get a free conveyancing quote online. In just three simple steps we will be able to give you an indication of how much you can expect to pay for your particular property transaction.