New data revealed that the “cold snap” that has enveloped the UK housing market since September’s mini budget could soon be set to thaw, with the number of transactions expected to increase over the spring months, peaking in the traditionally busier summer season.
GetAgent analysed housing market data stretching back over the last decade to see how market activity compares over each season of the year, as well as when sellers can expect to achieve the strongest price for their home.
The research shows that while the market has been a “tad sluggish” since the uncertainty of September’s mini budget, the winter months are always often traditionally the slowest time of year for home sellers. In fact, over the last decade, an average of 2276,733 homes have been sold per year during the winter months of December, January and February,
The good news is that spring looks set to bring a boost to market activity, with an average of 233,111 homes sold in March, April, and May over the last 10 years, meaning a 2.4% increase in market activity is about to bloom.
Co-founder and CEO of GetAgent.co.uk, Colby Short, said:
“We’ve seen a more subdued level of market activity of late and while there’s no doubt been some seasonality at play, the uncertainty that followed September’s shambolic mini budget certainly hasn’t helped.
The good news is that stability has largely returned in 2023 and despite the cost of borrowing remaining substantially higher than it has for some time, buyers are returning to the market with intent.”
This seasonal uplift continues into summer, where an average of 268,133 homes have been sold over the last decade during the months of June, July and August, marking a 15% increase in house sales on the previous season and a 17.7% jump when compared to the winter months.
This average level of market activity then dips to 266,555 transactions during autumn, a marginal decline of -0.6% on the previous season.
Interestingly, while sellers can expect to see an increase in market activity over the coming six months, it’s winter when they have traditionally achieved the highest price over the last 10 years, averaging £229,255.
Short added:
“As the historic figures show, we can expect to see a boost to overall market activity across both the spring and summer months which should ensure the topline health of the market remains good.
However, for those sellers who are still focussed on achieving the very highest price for their home, it seems as though the winter months are the best time to sell, albeit there isn’t a great deal of difference in it.”
