The housing market may be picking up nicely after the interest rate cut in August, but a lull is on its way, according to EXP.
The hybrid agency says the autumn season often brings a slower market, and this year will be no different.
Manage expectations
Agents need to manage seller expectations as much of the talk around the property industry is that things are picking up quickly.
eXp UK analysed housing market data over the last 10 years, looking at price growth across each season, and how performance fluctuates.
Prices to peak
Housing market sentiment is high, with mortgage approvals on the up, EXP says, but the improvement in house prices could now peak as we head into autumn.
The figures show that over the last decade across Britain, house prices have seen an average rate of increase of 1.5% between the summer months of June to August, says EXP, which operates a network of self-employed agents.
However, the average rate of growth seen over the last 10 years between the autumn months of September and November sits at just -0.1%, with the same rate of growth in the winter months of December to February.
It’s important not to get carried away by recent property market positivity.”
Adam Day, Head of EXP UK (main picture), says: “As a home seller, knowledge is power, and so understanding how seasonal trends impact your local property market can be key when it comes to deciding when to sell and how much for.
“With the price achieved generally reducing during the autumn and winter months, along with transaction levels, it’s important not to get carried away by recent property market positivity and set an over-optimistic asking price, if securing a buyer at speed is your top priority.”