When is the Best Time of Year to Buy a House in the UK?
When it comes to buying a house there’s a lot to bear in mind if you’re looking to get the best deal. The housing market is in a constant state of flux and many potential buyers will be watching closely to get an idea of when to invest. However, not many people know that the time of year you choose to make an offer can actually make a big difference to the price you end up paying. Every year in the UK we can trace certain months and even specific days to pinpoint when potentials buyers could find themselves with better leverage in their negotiations.
The explanation is pretty simple; during quieter times of the year, sellers are more likely to settle for lower offers. With more competition in the property market and less people buying, they can’t afford to be as picky as they would be in the busier periods. Indeed, many sellers will willingly take a small cut in their asking price if it means that they can close a sale, rather than waiting out the quiet period.
If you’re looking to exploit these quiet periods, then avoid the summer months as these are the busiest in the real estate market. This means that sellers will be entertaining more interested parties and garnering a lot of attention for their property, giving you more competition. Instead, aim for the end of the year in November and December, or at the very start of the year in January. The winter months tend to show a big dip in the real estate market and with less people out looking for a house you can not only enjoy less competition for properties, but you’ll have extra leverage in negotiating prices. Statistics show that you can save anywhere up to 10% if you purchase a house in January, compared to a similar property in the summer.
If you want to time your offer just right, it might come as a surprise that Christmas Day itself is something of a bulls-eye to aim for. With the holiday season in full swing, sellers are likely to be in a good mood and more inclined to be generous. Also, very few buyers are looking at homes during the Christmas week so competition falls to an all-year low. Last but not least; the very fact that a property is on the market at Christmas means that the seller is definitely motivated to sell. The main obstacle of course, is finding an agent willing to work around Christmas Day and who will be willing to bother the seller on the day itself. Don’t worry though, if you look hard enough, they’re out there.
This is a guest post by property search engine Gartoo. For information on houses in Manchester and many other locations visit Gartoo.co.uk.