However, new research by estate agent comparison site, GetAgent.co.uk, has revealed that contrary to popular belief, the market doesn’t just shut up shop in December, so it may be worth your while pressing ahead with your plans.
In fact, December is often one of the busier months for property transactions, as a higher degree of market urgency grips those looking to get a sale completed ahead of the Christmas break. GetAgent crunched property transaction figures across England and Wales which show that as many as 71,814 sales completed last December.
While it certainly wasn’t the busiest month, it did rank as the fifth-highest number of sales throughout the year. In contrast, January (55,738) and February (58,797), March (66,997), April (61,726) and May (68,343) all saw the lowest level of transactions in 2019, suggesting your far better off trying to sell this side of 2021 to avoid the New Year market hangover.
Sold prices
But it isn’t just the sheer volume of transactions completing in December that make pursuing a sale worthwhile during the festive season. Along with August and September, December saw home sellers across England and Wales achieve the highest sold prices last year at an average of £245,000.
Again, January through to May saw home sellers achieve some of the lowest average sold prices in 2019, so completing this December is less likely to bring you a lump of coal where the price achieved is concerned.
Colby Short, founder and CEO of GetAgent.co.uk, commented: “Many current home sellers will be tempted to take the foot off the gas where their current sale is concerned in order to focus on the busy festive period, particularly as high levels of homebuyer demand have caused frustratingly long market backlogs between accepting an offer and actually completing.
"However, doing so could come at a cost as the figures suggest that a large number of transactions will still reach the finish line and the price achieved is likely to be higher than if you wait until 2021. This is primarily due to market urgency and the need to move before the chaos of Christmas fully hits. Buyers are less likely to spend time negotiating a lower price while estate agents and other industry professionals are keen to complete and bolster their annual figures and commission.
"Of course, not completing this December isn’t the end of the world and even if you are yet to list, now is a great time to do so. It enables you to get the laborious admin of property listings, photos and floorplans out of the way and have your home listed for sale for the famous Boxing Day bounce and the huge advertising footfall this brings each year.
"While you’re unlikely to receive any viewing requests or offers over Christmas it does mean you’re ready to hit the ground running in the New Year putting you ahead of the rest when it comes to finding a buyer."
