So, whilst sitting watching my new puppy chew his jammie dodger squeeky toy I find my mind wandering and thinking about what is happening in the market at present. We are now very much into the back end of the year, the nights are dark, the mornings are dark and the sun is hiding far more often than in previous months. And the question every morning now is: do I wear a vest under my shirt, jumper over my shirt, a coat or all 3!
But what does the winter bring the property market? Is it a myth that more properties are sold in the summer, than the winter? Well, here are some stats for you…
- According to rightmove.co.uk Oct – Dec 2015 saw 150 properties sold in BH8 and Oct – Dec 2016 saw 128 properties sold in BH8.
- According to rightmove.co.uk July – September 2015 saw 138 properties sold in BH8 and July – September 2016 saw 129 properties sold in BH8.
So as you can clearly see, in recent years, the time of year does not actually affect the number of properties sold in BH8. Specifically, in BH8 more properties have been sold in the winter of recent years, than in the summer months.
A stat that might be interesting to add to this, is how many properties are new to the market in that same time frame:
- According to rightmove.co.uk in Oct – Dec 2015, for BH8, there were 190 new properties brought to market and 148 for Oct & November in 2016 (Dec 2017 stat not available)
- According to rightmove.co.uk in July – September 2015, for BH8, there were 225 new properties brought to market and 273 for July -September 2016.
The interesting conclusion to take from this is that many more properties were new to market in the summer months but it is still a similar number of properties that are sold across the 2 times of year.But why would this be? Buyers buy for a number of reasons but mainly the reason revolves around a ‘want’, or a ‘need’. The ‘need’ buyers have little worry over what time of year it is, whether it is raining or bright sunshine, they have the need to move and move! When they move is much lower down on the list. Those who buy out of ‘want’, buy with their head and will be more reactive to the time of year, what the property looks like in the summer over the winter and will be looking for the deal. They have the option of being able to buy when something comes up, rather than having to buy what is there when they have to move.
In answer to the title question the stats above aren’t the only reason to make a decision on when to market. If there was, then this would suggest to bring your property to market in the Winter. But is that right for you, and your property? Does that fit in with your reason / need to sell? Who is likely to buy your property? Is your property then likely to be part of a chain? At what time of year does your buyer type buy?
There are a long, long list of reasons why a seller markets the property when they do. Be sure to know the questions and answers that will give you the right result.
There are many more interesting articles around the property market in Bournemouth, and surrounding areas, at www.propertyblogbournemouth.com and at www.gordonbarker.com. Please do check them out, I’d love to hear your thoughts on some of the talking points currently swimming around our industry.