One of the main questions we are always asked is: when is the best time of year to sell or let a home? While there is no absolute optimum time to put your property on the market, seasonal patterns can affect buying and selling habits. It is no different in Croydon, with certain times of the year proving to be more fruitful than others. Spring is often considered the season when the market picks up and hits its stride. The warmer weather and lighter evenings give people extra motivation to go on viewings, while the bright daylight can help your home look that extra bit lovelier. Your garden (if you have one) will also seem much more appealing in the spring months. It turns out that Croydon saw 27.2% of properties sell during the months of spring.
August and early September can be a quiet time for the property market. The schools have broken up for the summer and lots of people go on holiday around this time of year. That means there are fewer people around for viewings — especially families. It is a different story in June and July though, which can be the busiest months for selling homes, with the market peaking before the schools break up. The summer months saw 25.1% of properties sold in Croydon. Thanks to mild weather and light evenings, the early part of autumn can still prove buoyant for property sales. Children are back at school which gives parents more time to concentrate on buying a new home, and most of the people looking on the market in the autumn will hope to find their perfect property in time for Christmas. Towards the end of autumn, the colder weather and the shorter days can lead to a slight dip in the market. Croydon sold 22.5% of properties in the autumn months. Winter can be a trickier time of the year to sell a property as the market slows down and everyone’s thoughts turn to Christmas. However, there can still be positive movement in the colder months; buyers who are searching for property at this time of year will be more determined about purchasing a new home. The winter months in Croydon saw 25.2% of properties sold.
For landlords thinking about letting their buy-to-let, the patterns can be slightly different compared to the sales market. There is still no set season, but the start of the year and summer time can prove to be busier periods. Many people change jobs and relocate at the beginning of the year, while the summer is popular with students looking for accommodation near universities.
As you can see, spring is the most popular time to sell property in Croydon, with 27.2% of homes selling for an average of £378,800. Of course, the housing market is all-year round, which means the other seasons should not be ignored. Whether it is spring, summer, autumn or winter, we would love you to pop in and have a chat with us about your property.
Price growth for properties
Due to the government’s budget moving to the autumn, we are unlikely to see market activity affected by new policy changes in the short term. With market confidence strong and a positive outlook for the construction industry, we expect steady price growth. In fact, average sold prices of detached properties is up 28.0% in 18 months.
Property transactions levels holding steady
The Brexit vote and the falling value of the pound have led some to think sales levels might have dipped in the market. However, as the chart shows, sales levels have remained steady throughout the year, contrary to the perceived negativity in the market. We expect steady sales levels in the coming 12 months.
Local wealth distribution
Whether an area is ‘up-and-coming’ or has arrived, the wealth distribution can indicate if the area has the character you are after. In Croydon, the majority of households are ‘more comfortable’ (34.2%). The corresponding figure in the region is 31.7%, whereas the national average is 30.3%.
How old are residents in Croydon?
The spread of ages of local residents can give insights into the personality of an area. In Croydon, the ages of local residents can be split into the following six categories:
Source: ResiAnalytics, Office for National Statistics and Land Registry © Crown copyright 2016. Note: Dotted lines indicate estimates based on historical patterns.