Why is March a great month to sell your property?

Historically, March has always been a great month to sell property and this year promises to be no different, with a noticeable uptick in buyer enquiries in the first week of the month alone. 

According to a recent article in The Times, “March is generally a good time to buy a house when the days start to get longer and the weather starts to get warmer. Many homeowners who want to sell fast are advised to put their property on the market in March as there are more house hunters.”

With the turbulent times of fluctuating interest rates last year, the mortgage market seems to have settled down, which may in turn lead to an increase in buyer enquiries and instil confidence in the market. Sadly, the time of ultra-low interest rates is now behind us and the market must move on. Ultra-low interest rates created an artificial market which was also added to during the COVID-19 pandemic, with the stamp duty holiday fuelling an already deflated market. Many of our vendors at Stride and Son have seen their neighbours sell at the peak of the market for record prices which are unlikely to be seen for another few years. That said, people looking to sell their property and buy in the same market, this is of little relevance as values inevitably balance themselves out and we remain optimistic in the months ahead.

In the unlikely event that a sale falls through, having your property on the market earlier in the year means that you can remarket quickly and find another buyer while the market is still buoyant and your property is still looking at its best in brighter months.

Getting to the market before the general election is likely to be key for a successful sale. It is inevitable that things will slow down when a date is set for the election as this has always been the case. With any uncertainty comes caution, which can often result in buyers putting their property searches on hold until after election results.

We’ve recently added a number of beautiful properties ready for the spring market. We’ve also seen an uptick in buyer enquiries in the market for properties under a million. Whilst this may continue as the spring market builds, it’s great news for those selling but also for first time buyers and those looking to downsize.

Key points from the budget

·      A reduction in the higher rate of Capital Gains Tax for residential property gains from 28% to 24%. This change will take effect from 6 April 2024.

·      Sadly, multiple dwelling relief has been withdrawn. This will effect people looking to buy larger homes with more than one dwelling as part of the same contract.

·      The government will abolish the Furnished Holiday Lettings tax regime, eliminating the tax advantage for landlords who let out short-term furnished holiday properties over those who let out residential properties to longer-term tenants.  

Are you a first time buyer looking to buy a property in the local area?

Our expert team of property professionals in our South Street office are available to chat through your property search requirements and help you find your first dream home. All of our team live and work in the area and so can offer local knowledge as well as professional support when it comes to finding your first home.

From plots of land to the perfect property, we have something to suit all budgets and requirements. You can view all our properties on our website, RightMove, OnTheMarket and Zoopla.

If you’d rather speak to someone rather than scroll, contact a member of our friendly sales team on 01243 782626.

Stride and Son auction house makes national news headlines.

We were delighted to feature in national news headlines last week for our upcoming auction events which are being held at our auction house at Southdown House, St John’s Street, Chichester. Our experienced auction team have been auctioning rare items of great historical importance, including items that belonged to Charles Dickens. The open-faced key-wind watch dates from 1836 and was gifted to the famous author on the first anniversary of his editorship of the magazine Bentleys Miscellany.

This week is a very busy week for our auction house with three consecutive notable auction events on 6th, 7th and 8th March. Find out more here.