Property trends change with the seasons – with some seasons favouring buyers and other seasons favouring sellers, it all depends on that your goals are.
Prices tend to drop during certain periods, and that can mean sizable savings – especially if you are looking to bag a below market value deal.
The truth is there is no ‘best’ time to buy, just different times with pros and cons depending on your goals.
If price is most important to you, then look during off-peak times of year.
However, if the perfect home is important, you want choice and be able to see what potential that house could have, you will probably want the variety spring can offer.
Conventional wisdom has always said that spring is the best time of year to buy a house if you are looking for choice – although recent figures suggest that summer has seen more houses sold in the UK for eight of the past 11 years.
However, as an investor or developer you will be looking for the best price.
So where are those seasonal windows or opportunity for savvy property developers?
Best time to buy a house for price
Sellers aren’t usually keen on selling during winter because there’s a low level of demand for new houses and often leave the market in droves at this time of the year.
Most people are too busy getting ready for Christmas and organising showings or house hunting is last on most people’s lists of things to do.
As a savvy investor, you can turn this to your advantage, because it’s likely that many houses on sale at this time have either been on sale for a while or are new to the market – either way, these sellers are going to be very eager to sell.
This puts you in a strong position for getting a knock-down deal and bagging a below market value property.
It’s worth bearing in mind that by mid-to-late November, sellers will start getting more nervous. As mentioned above, sellers don’t want to be selling during winter and definitely not during Christmas.
They may start considering lower offers in late autumn and it could be your opportunity to snatch up a purchase before winter sets in.
However, with the turn of the new year, the demand for houses spikes in late winter and by February demand is peaking so sellers will want to put off selling until after Christmas.
But that means any owners looking to sell before Christmas are very likely to be willing to take an offer lower than asking.
School’s out and so is buying
Once the summer holidays are out of the way demand for property spikes again around mid-September – the kids are back to school and Christmas is a long way away, so families are out and about looking for new homes.
Clever sellers will be more than aware of the leverage this gives them and prices reflect that. So while there will be a lot of choice on the market, it’s not a great time to be bagging a bargain.
You can still save money while it’s sunny
The summer holidays also offers a small and interesting window of opportunity for buyers. Many buyers are on holiday or enjoying the sunshine and putting off buying until September. This can be combined with a large number of houses on the market.
If you are willing to search at the end of July and through August you could once again find yourself a bargain with a below market offer.