Thursday, 1 September 2016

When is the best time to sell property in Chichester?

I was chatting to a homeowner in Summersdale the other day who was frustrated by the amount of time it was taking to sell their home. They came to me as they had considered letting the house instead of waiting for a buyer, so they could move on with their lives. I told them if they really wanted to sell, it might be best to remain patient a little while longer as September is typically a good time to sell your home.

When I got back to my office this got me thinking…when is the best time to sell property in Chichester?

Perceived wisdom is that Spring and Autumn are the best time to sell. Sure enough, when I looked at the data for the time a property in Chichester remains on the market (averaged over the past five years), Spring and Autumn have proven to be good times of the year to sell:

chichester house sale time chartJanuary - 159 days
February - 154 days
March - 142 days
April - 136 days
May - 135 days
June - 133 days
July - 134 days
August - 138 days
September - 136 days
October - 136 days
November - 137 days
December - 139 days

I was surprised there wasn’t much of a drop-off in August, as it’s assumed people are too busy sunning themselves or looking after the kids on their school holidays to think about buying a new home.

Similarly, most assume December is a completely dry month in the property market, as would-be homebuyers are busy buying turkeys and waiting for delivery vans to bring their presents rather than buying houses and waiting for the removal van.

It was interesting to see when I split down the data further that terraced houses were very consistent in the average time they took to sell over the past five years (average 142 days). Flats took longer to sell than any other property type in nearly all of the previous 60 months (average 170 days).

Meanwhile the quickest property type to sell was more often than not detached houses (average 104 days), which seems a little counter-intuitive due to their higher-than-average asking price. More recently it is semi-detached houses that have become most popular in Chichester; currently taking just 87 days from listing to completion.

Remember that the flip-side of this question could be “when is the best time to buy property” and I’d suggest you’re more likely to get a better deal at the slower times of the year than when things get busier (there may, however, be fewer properties to choose from).

chichester observer property headline

(This article was featured in the Chichester Observer's property section on 1st September 2016)
Clive Janes, CRJ Lettings.


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