The month of January is deemed to be the best month of the year for homeowners carry out sales of their homes as quickly as possible, according to new data from the HomeOwners Alliance.
Using data collected between 2015-19, the HomeOwners Alliance revealed that over this period, properties typically took the longest to sell during the spring and summer months.
However, they suggested it was much quicker to make a speedy sale in the first weeks of the new year.
January is quickest month for sales
Over the course of 2019, it took a homeowner up to 69 days to sell a home on average, but by averaging out the typical time it took to sell in January since 2015, sellers can expect to wait just 58 days, or even as quick as 52, based on data for January 2016.
The HomeOwners Alliance noted that 2019 was a slow year when it came making sales, and this came to a head in May, when sellers had to wait as long as 73 days to complete sales, significantly longer than the annual average.
Paula Higgins, chief executive of HomeOwners Alliance, looked to the future, saying: “With the general election and Christmas now behind us, and children back at school, people are starting to put into action their plans for the year.
“Traditionally, people wait for Spring to sell their homes, but our data shows if you’re looking to get moving, then there’s no better time to put your house on the market than this month.”
Quarter of landlords may sell in 2020
The possibility of making a speedy sale in early 2020 will be music to the ears of some landlords in the UK housing market. This is because as many as 26 per cent of landlords are reportedly expecting to sell at least one property 2020, according to a new survey by Simply Business.
Simply Business estimated that this would equate to as many as 674,627 properties being sold back into the market in 2020.
In addition, 82 per cent of landlords aren’t making any plans to make new purchases in the coming year, citing tax increases, government reforms, especially those regarding homes of multiple occupancy, as well as rising rental costs.
Bea Montoya, chief operating officer at Simply Business explained: “The tax increases imposed by the government are proving counter-productive for landlords, while ongoing political and economic uncertainty haven’t been providing landlords with the confidence they need to stay in the market. But selling a buy-to-let is a big decision, especially if you’re selling more than one.”
As many as 35 per cent of landlords in the Simply Business survey claimed rental yields had decreased in 2019, making operating in the private rental sector (PRS) less attractive, with 20 per cent of them expecting this trend to continue in 2020.
Despite this apparent pessimism, 52 per cent of landlords were expecting that rental yields would eventually pick up this year, suggesting that the bulk of landlords were optimistic about their portfolios in the coming months.