The autumn housing market is in up and running — and there are already positive signs that it could be a busy season.
Mortgage rates have been edging down, with a cut to the Bank of England base rate in August, and mortgage approvals to home buyers are up.
HMRC’s monthly report on residential property transactions showed there had been 2,520 in Northern Ireland during August.
That was the strongest-performing month since September 2022, when the mini-budget which prompted financial turmoil was delivered under former Prime Minister Liz Truss.
Some economists have predicted mortgage approvals could edge higher in the next few months, as mortgage rates continue to ease back.
And Nationwide Building Society has now changed its lending to criteria for first-time buyers, and increased the maximum loan-to-income (LTI) ratio through its Helping Hand mortgage range last Tuesday.
People with a deposit as low as 5% have the option of borrowing up to six times their income when taking a five or 10-year fixed-rate. And the lender’s Helping Hand range is available in NI.
But selling — or buying — a home isn’t always plain sailing. In fact, a new survey suggests some people would even go as far as saying they find the process as stressful as a relationship break-up.
The Opinium survey of 4,000 people in July reveals that a fifth (20%) of women and nearly the same (17%) proportion of men think home-selling stress is like that of going through a divorce or a relationship breakdown.
The research, commissioned by property buying company Upstix, also found more than one in four (28%) home sellers find the process as stressful as planning a big event such as a wedding, while one in six (16%) liken it to planning a funeral.
The research also reveals what the key factors are that send seller stress levels through the roof. The top “pain points” include the length of time it takes to sell (23%), feeling under pressure to reduce the asking price (18%), and the “communications black hole” — where sellers have no idea what’s going on because those supporting them with the process go quiet (14%).
People who have never sold a property before are particularly likely to be daunted by the process.
Challenges that were especially prevalent among younger sellers aged 18-34, who are more likely to be first-time sellers, include being “ghosted” by their buyer, and having to vacate their home at inconvenient times to accommodate multiple viewings. Nearly three-quarters (73%) of 18-34 year-olds who have sold a property say they faced significant challenges, compared with just a third (33%) of those aged over 55.
Fred Jones, chief operating officer at Upstix, says: “The findings not only highlight just how stressful selling our homes can be but importantly put some of the top pain points in the spotlight.
“Many of these, like the dreaded communications black hole, being ghosted by buyers or playing a protracted waiting game, can lead to sellers feeling totally powerless. That is clearly a stressful place to be when you’re selling what is often your most valuable and valued asset.
“It’s sad but not surprising to see that younger people, who are most likely to be selling a home for the first time, find the experience most stressful.”
Garrett O’Hare
How to reduce the stress
So, how can you help ease the stress of selling a house?
Daniel Copley, consumer expert at property website Zoopla, says: “Preparation is the key to making buying or selling a home less stressful. When finding a conveyancer, ideally you should have one lined up before agreeing on a sale as buyer or seller.
“This means you can get all the data and searches done up front, many people leave this to post-offer accepted stage, which can cause delays.
“It’s also worthwhile speaking to a mortgage broker and applying for a mortgage in principle. This is a simple way to determine what you can afford and will put you in a stronger position when making an offer on a home.” Tim Bannister, a property expert at Rightmove, adds: “Moving home is a really big thing, and I think there will always be an element of stress as it is such as big life event.”
He says estate agents can help take some of the stress out of the process too, adding: “They’ll be able to make sure you’re coming to the market with the right price, and your home is looking its best for the pictures and visitors, which can all help to find a buyer faster, reducing time and stress.” Tim says asking some key questions to get a clearer idea of the buyer’s financial position can also help to keep stress levels down.
He continues: “While the price your buyer can offer is clearly very important, if you are fortunate enough to have more than one interested party, you may consider whether they are perhaps a first-time buyer with no property of their own to sell, or whether they have a higher cash deposit and aren’t as reliant on a mortgage.
“If they are selling a property themselves, it’s important to know whether they have already found a buyer for their home. Understanding the position of your potential buyer can help you make a decision which could impact stress levels later down the line.”
Being organised with paperwork can also help mean you won’t be chased for documents, Tim says, adding: “Being clear with your chain about the dates you hope to exchange and complete can also help make the process less stressful, as hopefully you can negotiate a completion date which works for you and gives you enough time to get everything sorted.
“And don’t forget about your move-in day – book any removal assistance you need nice and early.”
Garrett O’Hare of estate agency Bradley NI, which has offices in Belfast, Newcastle, Newry, Rostrevor and Warrenpoint, is predicting a busy autumn.
“In our own business we’ve seen an influx over the last couple of weeks of people starting to put their homes on the market again. “Autumn is the last busy selling window of the year before you get to Christmas, and it’s a good time to sell.
“Looking 12 months back, there was so much trepidation around interest rates and cost of living concerns whereas the whole tone around the economy seems to be more positive at present, which is definitely filtering through to sellers and buyers.”
And he says would-be buyers aren’t put off by autumnal weather.
“When vendors speak to us, they’re concerned that coming into autumn is the wrong time to sell because it’s coming into darker evenings and the weather’s not as good.
“But I think it’s a fantastic time as it’s a feel-good time, and it’s a cosy time.” And he says sellers should take advantage of autumn’s traditional connotations.
“When you’re buying a home it’s about finding that space where you’ll feel warm and comfortable and cosy with your family.
“Lots of the main advice remains in terms of ensuring you give your house a good deep-clean and declutter the surfaces to that people aren’t dizzy when they’re walking around and can imagine themselves living there.
“With leaves following, ensure that the outdoor spaces are kept clear, and it’s often nice to often add an autumnal feel to the house, and that can be done through an autumn wreath or some nice seasonal flowers.
“You don’t need to over-do it, though, but it’s about making the home feel warm, cosy and welcoming.” All in all, an autumn sale takes the same length of time as the rest of the year, between four and six months.
But there are things you can do to expedite the process, and he agrees that going to market at the right price is crucial. “If it’s priced right, it should be sale agreed within the month.
“If it’s a larger house and the market of buyers is smaller, it can take longer. But a typical house should have its viewings and offers done and dusted in the first month.
“Then after that, typically the legal process, especially where there’s a mortgage involved, will take three months.
“From the day you instruct the agent until the day you hand over the keys, you’re talking four to six months.”