When is the best time to sell your home?

Should you move now? Or wait? It’s so confusing. Years ago, if spring was on the way or there was a whiff of autumn: bingo. Pop to your local estate agent and stick your house or flat on the market. Even better if your sales listing coincided with a new series of Channel 4’s property show Location, Location, Location or a newspaper headline predicting a massive house price boom.

Preparation was easy. Clear out your tat, paint everything an unappealing shade of magnolia, hang an oversized mirror in the hallway, bung a massive vase of flowers in the kitchen and wait for the offers to roll in.

That was then and this is now. In today’s market, if you’re trying to work out the best time to sell your home, the honest answer is: probably at some point in 2014. Ever since, everything has been opaque. The market has bumped along with peaks and troughs. Mid-decade, the market juddered to a halt, fixated on securing certainty from Brexit and general election results. According to Savills, at the beginning of 2020, the UK’s average house price was about the same in real terms as it had been a decade earlier.

For the first time in a generation, tactically playing the market isn’t an option because shrewd timing won’t guarantee a return or afford an exit strategy if you buy the wrong home.

This year hasn’t started well either. Halifax reported a monthly fall in the average property price of 0.3 per cent in January, the biggest drop since last April. Nobody wants to sell in a falling or stalling market. According to Zoopla, 12 per cent fewer homes were listed last month compared with January 2020, partly due to lockdown.

Sellers today face agonising choices: should you wait for the pandemic to pass? Will the chancellor keep the stamp duty holiday going past March 31, or dredge up the — horror of all horrors — “mansion tax” to fill the government’s financial black hole? Will moving from the city to the country or seaside be a fad?

Almost a year ago, I put my house on the market, thinking that it was the right time. Like many, I thought the “C” word might be on the way. The crash some predicted never materialised, but coronavirus did. No one saw that coming. Initially the market paused, then everything changed.

Practically overnight, fashion flipped. Urban was out and gardens, open space or the seaside were in. Consequently, what you needed from your home changed. Those Zooming all day in their jimjams realised the wasted office time spent on idle gossip, searching for paper clips and wondering why your colleagues have so many pairs of shoes tucked under their desks. Those settled in rural spots filled social media feeds with dog walks and gloating pictures of homegrown produce.

At Zoom drinks parties, we discussed housing chickens or keeping bees. Or even buying an alpaca. Or turning to shed worship for all those hobbies we were (never) going to pursue. Or lusting after the classic car (and obviously a garage) you promised your midlife-crisis self. Tension between a home as an investment and a lifestyle has never been greater.

Homeworking, at least some of the time, is here to stay. The chief executive of Metro Bank recently told me that, post-pandemic, 96 per cent of its employees want an element of flexible working from home.

Economic and political uncertainty continue but for most, owning rather than renting remains the preferred option. Guaranteed profits may have gone but if an investment keeps pace with living costs then putting down roots outweighs any loss.

In London, forget Brexit as a major concern. The dearth of tourists and business travellers resulting from travel bans has had a more profound market impact. My house, perfect for a US national, just sat there. Now driven by domestic demand, local markets move in multiple directions at any one time. Because of lockdowns and the internet, when people look and why they buy has changed too.

A little Zoopla research will tell you that back in the 1980s, Brits moved, on average, every 8.63 years. Now it’s more like 23 years. Of course, it depends on your age and where you are on the housing ladder as to how long you will hang on to a property.

If it’s a new-build you may be stuck because it takes longer for a localised market to become established. Not to mention the almost unsellable homes if they’re covered in an unacceptable form of cladding. Supply has reduced and there’s far less on the market. You should no longer move on a whim.

If you are selling a property, you’re probably buying one too. Timing will depend on your objectives. Lifestyle or downsizing are more likely motivations than investment and profit. One thing is certain; if you pay stamp duty on a purchase, you’re unlikely to sell unless that money is recouped. Downsizing is happening later in life and children are living longer at home. You’ll want all the space you can afford.

If you are in a dilemma, go into your hallway where, hopefully, there’s a nice big mirror. Look straight into it and the answer is staring you in the face. There is no right time to sell your home. There’s no wrong time either. For the first time in forever, it’s when you and your home are ready.

If you decide to move, call three estate agents and pick the one you think you’ll get on with best, put your property on the market and prepare to sit it out. If your reflection looks contented and at home, don’t go through the stress and strain and stay put. You’ll be able to put all that money you save to good use.

My house is now under offer at 95 per cent of the asking price. I’m glad I’ve gone through the stress of selling but I think I’ll pass on the alpaca.

James Max is a property expert and radio presenter. The views expressed are personal. Twitter: @thejamesmax

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