Should I Sell My House Now? - Housing Market 2024 (2024)

As we thunder through 2024, you might be wondering “should I sell my house now?” With mortgage rates falling and house prices rising, we look at the why now is as good a time as any to sell.

Should I sell my house now?

Yes. If you want to sell your house now, you should. People still need to move home for a myriad of personal reasons. These include:

• Death, debt and divorce which are perennial drivers of house sales and purchases
• Relocating for a job
• Wanting to downsize
• A family expanding and a need for more space
• Selling a second or inherited home

Unlike investors driven by profits and house prices, a homeowner’s priority will be to act on what’s best for their personal circ*mstances. Having said that, our homes are often our biggest financial asset, so it’s worth understanding what’s happening in the market when deciding the answer to ‘Should I sell my house now?’

What’s happening with the property market right now?

The average house price in August 2024 reached a 2 year high of £292,505, an increase of 4.3% compared to last year, according to Halifax. The average house price is now just £1,000 shy of the record high set in June 2022 when the average house price hit £293,507, the lender said. Stay up to date with our monthly House Price Report.

Will house prices crash in 2024?

It’s extremely unlikely that house prices will crash in 2024. At the start of the year, house prices were predicted by many experts to fall by 1%-3% in 2024, although a crash wasn’t expected. However, while we’ve seen some fluctuations in average house prices so far this year, house prices are now predicted to end the year higher than they started. Zoopla has forecast that house prices will rise by 1.5% by the end of the year while Savills expects house prices to increase by 2.5% in 2024. Read more in our guide House price forecast: What will happen to the housing market in 2024?

Are houses selling?

Yes. HMRC data shows 90,630 residential property transactions completed in July 2024 on a seasonally adjusted basis, 7% higher than the year before, although this figure was less than 1% lower than the previous month. While the average time to sell in September 2024 is 60 days, down from 78 days in January, according to Rightmove. Find out more in our latest House Price Watch.

Should I sell my house now or wait?

If you need to sell your house, perhaps because you need to relocate, then don’t let speculation over property prices delay you making this decision. No-one really knows what will happen with house prices in the future so you need to do what is right for you.

And if you’re wondering ‘Should I sell my house now or wait’ because you hope your property will increase in value, you may find the property you want to buy will also increases in value too, which will help to even it out.

Compare quotes from regulated and reviewed conveyancing solicitors to find the best service at the best price for you.

Is it a bad time to sell your house?

No. For most buyers, the decision on whether to buy will depend on how much they can afford. News that mortgage rates are nudging down is positive for buyers and sellers alike.

Some sellers of Buy to Let properties have been keen to take action and sell amid speculation the government may increase capital gains tax. If you do plan to put your buy to let on the market, read our guide Selling a Buy to Let property.

How to know if it’s the right time for you to sell

When it comes to the question ‘Should I sell my house now?’ there is lots of research you can do to establish if now is the right time.

• Check the competition: Look at Rightmove and Zoopla as though you’re a buyer – what competition would your home have? What prices are similar homes going for? How long are properties like yours being marketed for?
• Speak to local estate agents: How strong is demand for a property like yours?
• You’ll also want to ask them about average sales time in your area too.
• Check local sold prices using the Land Registry sold prices checker

Will I have to reduce my asking price if I sell now?

Whenever you put your house on the market it’s crucial to put it on for the right price. This should lower the risk of needing to reduce your asking price if you don’t get enough interest from buyers. The first step is to get an idea of what it’s worth with aninstant online valuation. You’ll then want to invite at least 3 local estate agents to value your home. Find out more in our guide What price should I sell my house for?

Should I sell my house now or extend it?

Can an extension give you the space you need instead of moving? You’ll avoid all the hassle of a move and the costs, not least conveyancing fees and stamp duty. There’s lots to consider: Will your extension plans add value to your home? Will you need planning permission? Should you engage an architect and if so what are their fees? Find out more in our guide Home Extension: where do I start?

Should I sell my house now or rent it out?

Alternatively, you may be asking should I sell my house now or rent it out? Renting out your house may make sense if for example, you’re moving temporarily, perhaps for work, and you want to keep the option of moving back to your old house. Or if it’s an attractive rental property likely to generate good rental income. Our rental calculator can give you a good idea of how much.

There’s a lot to think about; unless you’re planning to let it out for a short period and your mortgage lender gives you ‘consent to let’ so you can rent it out, you’ll need to switch to a Buy to Let mortgage. There are tax implications too. Read more in our guide Should I sell my home or rent it out?

For more advice speak to local estate agents, Find and compare local estate agents with our free tool: compare success rate, speed of sale and track-record achieving asking price.

When is the most popular time to sell a house?

The most popular times to sell a house traditionally is Spring or early Autumn. Spring is particularly popular time as we head into the warmer weather and Rightmove has reported March as the month it sees the highest number of enquiries per property on sale.

But don’t focus too much on targeting what is traditionally the most popular time. People are moving all year long. You need to consider trends in your local market too so choose a good estate agent and ask them to show you the figures tailored to your area and your property type. See our guide when is the best time to sell my house?

What is the worst month to sell a house?

Traditionally, August and December have been considered the worst months to sell a house. In August, many people are away on holiday while in December, people are gearing up for Christmas. However, serious buyers are often around in these periods. Also, by being on the market in August or December, you’ll be in a good position and ready to go when the market hopefully picks up again.

Should I sell my house now to avoid falling into negative equity?

Negative equity occurs when the market value of your house is below the outstanding mortgage secured on it. Negative equity is more common when house prices are falling and it is a major concern when you want to sell your home. Whether you are at risk of this depends on your circ*mstances. If you bought recently with a small deposit you will be at a higher risk. And you’ll also want to consider how likely it is that you’ll want to move house in the near future. Find out more in our guide What can I do about do about negative equity.

Should I sell my rental property?

If you own a Buy to Let property, you may be asking should I sell my house now? Various factors may have made owning your Buy to Let property less profitable in recent months and years, such as increasing Buy to Let mortgage rates.

So if the figures don’t stack up for you anymore and you want to sell, read our guide Selling a Buy to Let Property. You’ll need to decide whether to sell your Buy to Let with sitting tenants or with vacant possession. Read more in our useful guide on Selling a house with tenants.

However, selling a house with vacant possession doesn’t mean you have to miss out on rental income if you think a short-term let is possible whilst you sell your home.

Our partners at Flyp.co offer a service where they will handle the sale of your vacant property and arrange a short-term let for you at the same time. They’ll also manage all the viewings and ensure that the property is cleaned and viewing-ready at all times.

Plus, they also offer a transformation service if the property needs some improvements or staging to help it sell (at no cost to you). Flyp’s selling service also provides access to multiple agents at a sole agency fee, so they are worth comparing against other local estate agents.

Get in touch with our partners at Flyp to find out more

Should I sell my house now and rent?

Deciding to sell your house and rent is a big decision and not one to take lightly. Not only may house prices increase by more than you expect by the time you come to buy, there is also strong demand for rental properties in many areas so you may find you have to pay more for your rent than you are on your mortgage payments. So if you’re asking should I sell my house now and rent, do your research thoroughly.

How to speed up your house sale

If you’ve decided the answer to ‘Should I sell my house now?’ is yes – here’s how to do it as quickly as possible.

1. Find the best estate agent

Use our Best Estate Agent Finder to find the best local estate agent based on how quickly they sell, how often they achieve asking price, their success rate and more.

Online estate agents offer an affordable and, as the name suggests, online service. Take a look at our online estate agent comparison table which compares all the main providers, from PurpleBricks to YOPA so you can choose the right package and price for your house sale. Some online agents like Strike even offer to sell your house for free.

2. Instruct a solicitor as soon as you list

You can compare quotes now from conveyancing solicitors and speak to them about the process and costs so you’re ready to instruct them.

3. Find a legal team using a digital platform

They can complete transactions quicker. Find and compare quotes from conveyancing firms today.

4. Sort your Energy Performance Certificate

Also known as an EPC this has to be included with a sale by law. It shows how energy efficient your new home is and if you moved in within the last 10 years, yours is still valid. Here’s how to check if you have one or how to get one if you still need to.

5. Get your paperwork together

Locate certificates showing compliance with regulations of any works done from planning permissions to FENSA certificates for window replacements. If it’s a leasehold, find the lease. Don’t forget valid guarantees a home buyer will want to see. Here’s a list of essential documents for sale to get ready

6. Get a mortgage agreement in principle

If you are buying a property at the same time, start the mortgage process now by speaking to a mortgage broker about your options and getting a mortgage in principle.

7. Homebuyer protection insurance

Also, if you’re purchasing a new property, consider getting Home Buyers Protection Insurance which helps cover legal, survey and mortgage lending costs should your purchase fall through. Cover starts from just £69.

Frequently Asked Questions

Tell us about your house selling experience in the comments below