Now is the time to sell UK property

Now is the time to sell UK property, according to homeowners.

The latest survey by Halifax reveals that 57 per cent of Brits feel it will be a good time to sell in the next 12 months, exceeding those who think it will be a bad time (32 per cent). This is the highest score of this measure since the survey’s inception in April 2011. Sentiment towards selling is even stronger among owner occupiers with 63 per cent stating that now is a good time to sell.

 

Indeed, the public have never been more optimistic about house sales. The outlook for buyers, though, is at its lowest level since 2011, with rising property values favouring those hoping to enjoy stronger returns on their real estate than those trying to get into the housing ladder.

Concerns about rises in interest rates are also on an upward trajectory (up from 13 per cent a year ago to 18 per cent).

Nonethless, with 7 in 10 British adults predicting the average UK house price will rise over the next year, the timing for sellers is as good as it gets following a long period of slumped values.

Positive sentiment towards selling is highest in the East and South East, where 65 per cent think it will be a good time to sell, compared with only 36 per cent who say this in Scotland.

Craig McKinlay, Mortgages Director at Halifax, commented: "Over the past two years consumer confidence has continued to grow, however it appears that we’ve reached a tipping point with the equilibrium between buyers and sellers much more out of sync. The results highlight the regional variations as now people believe that it’s a good time for to sell but not buy, particularly in London and the South East where house price expectations are generally higher and buyers appear to be less inclined to rush into a buying a property as we have seen over the past 12 months."