Thinking of selling your house? You might want to act fast! Experts are predicting that house prices will soon drop as we head into the colder months.

While the recent interest rate cut in August gave the housing market a boost, that momentum is expected to slow down soon. eXp UK, a network of estate agents, warns that sellers should be realistic about their asking price.

Don’t Get Carried Away!

The good times in the housing market might be coming to an end. Although mortgage approvals are on the rise, eXp UK’s analysis of the last 10 years of house price data tells a different story.

Their research shows that across Britain:

• House prices increased by an average of 1.5% between June and August (summer).
• House prices saw an average growth of -0.1% between September and November (autumn).
• House prices also only grew by -0.1% between December and February (winter).

Autumn = A Tougher Market

Adam Day, the Head of eXp UK, explains that sellers need to be aware of these seasonal trends. While the recent buzz around the property market might be encouraging, setting an overly optimistic asking price could backfire if you’re looking for a quick sale.

The bottom line? The autumn and winter months generally see fewer houses being bought and sold, and those that do sell often go for less than they would have in the summer months.

So, if you’re thinking of selling, now might be the time to get your house on the market before the autumn chill sets in!