As estate agents, this is something we get asked all the time. In fact, it might be our most frequently asked question ever. And we can see why. People want to get the best deal they can on their biggest investment – their property. Particularly in 2020, when every element of life is so uncertain, buyers want to make sure they’re making the right decision. So, with a little inside info, here are a few tips on how the property market performs at different times of year, and what that could mean for you.
Winter
Winter sees a low demand for houses, and sellers often aren’t keen on listing their properties in the depths of winter. They believe buyers won’t want to buy a house due to the environmental and financial challenges of the season – since everyone will be gearing up for Christmas. But as a buyer, you can use this to your advantage. Any houses on the market at this time of year are likely to have been there for a while, or brand new to the market, so the sellers will want to sell and sell fast. This gives you more control over the money you offer, and it’s more likely for sellers to take an offer below asking. So if you can juggle all of those Christmas commitments with house hunting, this is a good season to start.
Spring
Spring is often a favourite time to sell and a favourite time to buy. The flowers are beautiful in bloom, and showcase how buyers could make the property look with some good gardening skills – while avoiding all the leaves piling up in the garden instead of being on the trees. The options are usually the best they will be in Spring, so if budget isn’t a consideration, this is definitely the best time to buy.
If that last sentence doesn’t apply to you, then you may want to wait a little while. After all, with more competition between buyers and an abundance of properties, you have much less control over what you might need to pay, so you may need to be a bit more flexible, or ruthless, with your negotiating. Sellers have the upper hand in spring, which means buyers need to be more alert to staging tricks, and make sure the property really is what they want before they commit.
Summer
This is one of the least popular times to buy a house, simply because of the weather. You would think that gorgeous sunshine and no rain would be a good thing, but in reality it means that buyers know sellers can put their property in a better light, and gloss over some of the issues that might be hiding in the home. For example, many sellers will be looking for ways to make their property look attractive with gardening and new, beautiful flowers and plants.
On top of that, summer isn’t ‘work’ time for many – it’s the time for summer holidays and picnics, not the stressful task of house hunting. So buyers often put their property hunt on pause. This makes it the perfect time for you to get on the hunt for a property without a lot of competition, and with sellers who are very motivated to get their properties sold. If you’re willing to spend some of your sunny days viewing houses, we strongly recommend looking during the summer holidays.
Autumn
This is a great time of year for families looking for a new home. The kids are at school and Christmas is ages away, the best of the weather is behind you and you’re ready to get stuck into house hunting. Sadly, you’re not the only one! There’s a huge spike in demand for property around mid-September, and savvy sellers will be all too aware of this. You’ll get a great view of the property you want to buy – still light and not too cold, but you will also be in competition with more buyers, so you might end up paying more for the property. It might be worth waiting until mid-October/early-November, when sellers start to get a bit more nervous and drop their prices a bit.
So really, there is no ‘best’ time to buy a house. Each season has its pros and cons, and it’s up to you to decide what suits your individual situation. If you’re not sure how to do that, don’t worry, you’re not alone. At Northwood we’re always happy to talk through your property hunt with you, find out what’s important to you, and make a recommendation that will fit your needs. Even if that means delaying your search for a month or two. If you would like more information, or to chat with one of our advisors, just get in touch with us today.
