Are you undecided about selling your home at the moment? You may need to think again

September has produced excellent results for homeowners looking to sell their properties, with houses boasting three or more bedrooms seeing a record high in sales, an incredibly promising result should you be considering moving.

According to Rightmove’s House Price Index, figures for September detail encouraging and record-breaking selling figures for ‘second-stepper’ properties (those of three and four bedrooms), achieving an asking price of £291,618 on average. The North East, West Midlands and North West have benefitted the most, experiencing significant price jumps across their regions. 

The number of sales agreed for properties at the higher end of the chain, known as the ‘top of the ladder’ homes sector, has also seen increases. Representing four bedroom detached homes or larger, prices are up 104% on last year, with the second-stepper sector up 55%. 

Why are larger homes in high demand?

The need for more space is far greater thanks to lockdown and those working from home are realising they need an office area. At the same time, homeowners looking to make their second move are creating competition for larger homes, causing three and four bedroom properties to be in high demand, in turn pushing prices up.

It’s a great time to think about upsizing due to the current Stamp Duty Holiday Incentive, and with sellers achieving higher prices and more properties entering the market, now is the time to consider moving.

In previous years January has always been considered an ideal time to sell, but for those that want to take advantage of the strong market now, as well as in time for the Stamp Duty holiday deadline, you would need to think about listing your property in the next few weeks. Properties take on average 13 weeks to sell. 

What does this mean for your home?

Across the haart network we have witnessed a considerable rise in the average exchange prices across three, four and five bedroom properties types since last year. These are taken as a national average so regional prices will vary.  We have summarised these below:-

 

House Type	2019	2020	Price Difference
3 Bed	£237,348	£240,460	£3,112+
4 Bed	£362,848	£367,417	£4,569+
5 Bed	£501,196	£551,640	£50,444+
Detached House	£362,446	£390,196	£27,750+
End of Terrace House	£238,764	£263,916	£25,152+
Mid Terrace House	£251,459	£259,758	£8,299+

Data taken from 1^st July – 22^nd September for 2019 and 2020 nationwide averages from exchanged properties.

 

It is clear there is a high demand for homes with more bedrooms according to our figures, with five bedroom homes achieving a 9.6% increase in sold price year-on-year.

Not only that, but there are significant differences across all house types, with end-terrace and detached properties achieving average asking prices of 10% and 7.4% up on last year respectively – great news for sellers with these properties looking to capitalise on the booming market.

If you have a spacious property that you are considering selling now is a great time to get a valuation and also take a look at the great properties already on the market for your next move.