Is winter a bad time to sell your home?

Winter usually spells a slow time for the property market, with many buyers holding off until the spring.

This year has been sluggish throughout, so should we expect even lower activity in December, January and February – or could we start to see a shift in the market?

Here, Which? analyzes what’s happening in the UK property scene, and whether or not the winter is a shrewd time to sell and buy.

How does the housing market perform in the winter?

The graph shows how winter transactions (December, January and February) have shaped up against the other seasons in the previous two years.

As the graph demonstrates, sales numbers are lower in the winter – and this trend is expected to continue this year.

It can therefore be more challenging to sell your property in the colder months. But that’s not to say sellers should be entirely put off.

Find out more: is spring is the best time to buy a house?

The pros and cons of selling in the winter

Pros

More likely to find committed buyers: Those who make the effort to look for properties in the dark, cold months are less likely to mess sellers around. Buyers could be motivated to move in before Christmas or the new year.
There are fewer homes on the market: a smaller pool of homes for sale means you have less competition from rival sellers. This could increase the likelihood of your home catching the eye of would-be buyers.
Estate agents will be eager to help: with a smaller share of properties on the market, your estate agent could be more focused on helping find the right buyer for you. Their resources are less likely to be stretched.

Cons

Less appetite from buyers: as the winter is a quieter time for buyers, you’ll be less likely to benefit from a bidding war with multiple people interested in your home. You could find it tough to drum up any interest in the current climate.
Expect lower offers: buyers could put in offers well below your asking price, as they know demand isn’t very high in the winter. Various estate agents report that between 70% and 80% of homes now sell below their asking price.
Fewer daylight hours to arrange viewings: with it getting dark by 4pm, it’s hard to arrange a viewing after working hours, as potential buyers want to see the property in its daylight glory.

What’s happening to the housing market?

While you can use previous years’ data to gauge whether or not selling in the winter suits you, it’s useful to know how the housing market is performing in the present day.

Biggest November price cuts in five years

This week, Rightmove reported how sellers have made the biggest cuts to asking prices in any November over the past five years.

New seller asking prices dropped by 1.7% (-£6,088) this month to £362,143.

Rightmove’s Tim Bannister says such action suggests sellers are being more realistic in their asking prices.

He said: ‘We’d expect to see a drop in new sellers asking prices in the last couple of months of the year, as serious sellers start to separate themselves from discretionary sellers and cut through the Christmas noise with an attractive price to secure a buyers.

‘However, the larger than usual drop this month signals that among the usual pricing seasonality, we are starting to see more new sellers heed their agents’ advice and come to market with more enticing prices to stand out from their over-optimistic competition.

‘Buyers are still out there, but for many their affordability is much reduced due to higher mortgage rates.’

Find out more: what’s happening to house prices?

What’s the average time to sell?

The length of time it takes to sell a house is increasing, so those who put their property on the market shouldn’t expect a quick transaction.

Rightmove says sellers are taking an average of 62 days to secure a buyer. That’s a significant increase from the 40 days recorded back in October last year.

Mortgage rates are starting to fall

Mortgage costs have been a hot topic over the past year, with costs surging since September 2022.

Thankfully, rates have calmed in recent months – but not by a lot. The average two-year rate is 6.1%, while the average five-year rate is 5.78%.

With inflation dropping to 4.6%, there is hope the Bank of England will lower the base rate from its lofty peak of 5.25%. If this happens, mortgage rates will fall further.

The prospect of higher mortgage costs is currently a major factor in lowering first-time buyer demand. So in the event that rates drop further this winter, expect to see demand from buyers pick up.

Commentators believe we could see multiple sub-4% deals emerge by the end of the year.

Chris Hodgkinson, managing director of House Buyer Bureau, said: ‘While it’s yet to show with respect to sold prices, the property market certainly seems to have taken a step in the right direction and all signs point to a far more stable outlook over the months ahead.’

Find out more: best mortgage rates 2023

Which? advice on selling a home

If you’re thinking about putting your house or flat on the market, our step-by-step guide to selling a home can help you along the way.

Markets have become increasingly localized in recent years, so headline price indices may not give a true representation of what’s happening in your specific area.

If you’re thinking of selling a home, it’s helpful to also take advice on pricing from a local estate agent.

Find out more: how to find the best estate agent