Should I Sell My House Before Brexit?13th September 2019
Since the referendum in 2016, one of the most common questions asked by homeowners across the UK is whether they should wait until after Brexit to sell their home. Will house prices rise or fall? Will it be a buyers or a sellers market? As the last 3 years have been fraught with delays, and the triggering of Article 50, there is still much debate about what’s going to happen when we do leave on October 31st. Boris Johnson even recently stated that he wanted a new deal, otherwise, an extension may be required. Whatever ends up happening, uncertainty still remains, which isn’t particularly good for any market.
So the question remains – ‘Should I Sell My House Before Brexit?’ Well, let’s first take a look at some key facts and prediction:
Average house prices rose steadily between March 2017 – August 2017, and then stagnated. A further rise occurred between March 2018 – August 2018, but falls have been experienced ever since.
There’s been a dramatic year-on-year drop of 12% in the number of residential transactions in July 2019.
It’s taken people longer to sell their homes recently than in previous years. In January, the average time for a property to go under offer shot up to 77 days, the highest on record. It has since fallen to 62 days, but this is still much slower than in previous years.
Accountancy firm KPMG has predicted that house prices could fall by as much as 5-20% following a no-deal Brexit.
The outlook isn’t looking great, but even property experts aren’t entirely clear on what to do. Mark Hayward, chief executive at NAEA Propertymark states:
‘‘Brexit is undoubtedly causing uncertainty in the housing market, which in turn affects sentiment and decision-making, and we’re seeing both buyers and sellers put their plans on hold as a result. ‘Recent research from accountancy firm KPMG suggests UK house prices could fall by more than 5% if there’s a no-deal Brexit, which won’t help consumer confidence. ‘Once the current political impasse is resolved and it’s clear how and when we’ll be leaving the EU, we hope there will be a degree of certainty which may trigger a flurry of activity. We hope this certainty is provided sooner rather than later.’’
So what should you do? Well, seeing as the outcome is pretty 50/50, it may be worth simply putting your house on the market and, at least considering the offers you receive. They could surprise you. They may be better than you expected. Either way, it’s always worth giving it a shot.
Make Your House Sale-Ready
Here are our top tips for how to get the most value from your house:
First impressions count, so ensure you make a good one. Wash your front windows, ensure grass it freshly cut, and clean your driveway.
In the front room, or lounge, declutter and depersonalise the decor, removing family photographs and personal items so that potential buyers can truly imagine themselves living in this house, and not your home.
The kitchen is said to be the most valuable room in your house, so ensure that you touch up or repaint the cabinets in neutral colours, clean all appliances and fittings, and remove old and dirty sponges and tea towels for that sense of clean.
In the bedrooms, dress the beds in clean and neatly ironed linen, with plumped up pillows and cushions at the head.
Bathrooms should evoke cleanliness and relaxation, so remove any stains, mildew and peeling caulk and clean the whole room until it shines. Nice little finishing touches such as placing hand lotion and hand wash by the sink can also make all of the difference.
The garden is a source of fun, so, whenever you’re showing families around, ensure you place some garden games on the grass. Cleaning all patio furniture is also a must, and if you have a shed or garden studio, give it a makeover with a fresh lick of paint and ensure that all lighting is working properly.
No-one knows for sure what Brexit will bring, but we hope it’s something that benefits both buyers and sellers. For sellers, we want them to receive a fair price for their home. For buyers, we want them to not worry about property chains falling through. It’s a tough situation, but one that with the right estate agent, could be made a lot easier.
If you’re thinking of selling your home but are unsure where to start, then please give us a ring today on one of the following numbers to learn more about the process, and just what we can do to make it easier for you:
Radcliffe Office: 0161 723 1155
Burnley Office: 01282 427 445
Ramsbottom Office: 01706 48 9966