March is the best month of the year to sell UK homes due to an annual surge in buyer interest and fierce compeition for properties, new data has revealed.
Home-moving data over the last five years showed competition between buyers is at its peak in March on average, providing would-be sellers with the best chance to sell on their property, according to data from the UK’s biggest property website Rightmove.
Tim Bannister, Rightmove’s director of property data said the data reveals March to be the high point of a well-known annual Spring surge in the property market.
“Spring has long been known as a peak point in the housing market calendar, with many buyers and sellers trying to get into a new home for the summer months,” he said.
“However this interesting study confirms that for those considering selling this year, March has historically been the best time to come to market on average.”
The number of new listings coming to market also peaks in March, the data reveals, but high levels of buyer demand seen in the month means March is still the strongest month to sell.
The surge continues into the Spring with April revealed as the next strongest month to sell, based on competition between buyers for each available property, followed by May.
The spring surge in the property markes it already gathering steam, Rightmove said, with new listings up 11 per cent in the last three weeks compared to the same period last year, and buyer demand up 32 per cent.
Currently, approximately three quarters of all properties are successfully finding a buyer, compared to a historical average of around half, and homes are finding buyers in an average of 39 days, compared to an average of 59 days over the last five years.