Spring market surge expected to drive 17% increase in home sales
The latest research by estate agent comparison site GetAgent.co.uk predicts a surge in the housing market as spring approaches, with the number of transactions expected to rise throughout the season and peak during the traditionally busier summer months.
GetAgent analysed housing market data from the last decade to compare market activity across different seasons and determine when sellers could expect to achieve the highest prices for their homes.
The study reveals that while the market has been sluggish since September’s mini-Budget, the winter months are typically the slowest time of the year for home sellers. Over the past decade, an average of 276,733 homes have been sold each year during the winter months of December, January, and February.
Spring is expected 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, translating to a 2.4% increase in market activity.
This seasonal uplift continues into summer, where an average of 268,133 homes have been sold during the months of June, July, and August, marking a 15% increase in house sales compared to the previous season and a 17.7% jump when compared to the winter months.
The 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.
Colby Short, co-founder and CEO of GetAgent.co.uk, 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.
“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 focused 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.”