Did you know there are ‘seasons’ within the property market? Much like there are busy times in retail like Back to School, Black Friday and Christmas, there are also busier times for home buying.
Here’s how those busy seasons impact your property search and how you can shop savvy as first time buyers to bag the best price. Who knows? You might even be moving before Christmas…
Super-busy spring
New year, new house. As spring rolls around, that’s when anyone who is planning to move within the year will be putting their home on the market.
Think about it: They’ve made it their new year’s resolution to move house. They’ve had a few weeks to declutter and decorate, ready to get their house valued. They’ve completed their paperwork and have put their home on the market.
There are longer daylight hours for viewings after work, gardens are flourishing, paint colours look brighter and fresher, and everyone is feeling optimistic.
That’s when the property market becomes super-busy; loads of houses on the market means you’ve got plenty of choice and therefore aren’t limited to the one or two options available in your area.
Many homeowners want to coordinate their move with the school Easter or half-term holidays so they’re motivated to sell to you and secure a school-holiday date with their moving company.
However, because of this, it’s also a fast-moving market, with offers being accepted quickly and bidding wars often occurring.
House prices are highest at this time of year, as everyone who made that new year’s resolution wants to move now and will be competing with you. But the good news is that as a first-time buyer, you’re chain free.
You can therefore use this as an additional bargaining tool when you’re trying to bag your dream first home, even though the property might cost a little more at this time of year compared to the later seasons.
Just make sure you’re perfectly positioned to act quickly; you’ve saved your deposit, got your mortgage offer, your paperwork is in order and you have a solicitor ready to go.
Slow summer
If you’re not in a hurry to buy a home, the summer is a good time for you to start browsing the property market, because it slows down during this season and there are fewer other buyers around to compete with.
Many people are prioritising their holidays and summer childcare over moving and those who did want to move in the school summer break are already proceeding with their spring purchases so there’s less competition.
This might result in a price reduction if you’re the vendor’s only hope of a sale. Especially if their property was on the market in the spring and they haven’t sold it yet, or if a sale fell through.
However, you’ll need to wait around for paperwork to be completed. Like everyone else, the solicitors, surveyors and mortgage brokers who are processing your purchase will be taking time off over the summer, so the buying process may take longer than usual.
Active autumn
Did you realise that there’s usually a post-summer spike in properties being listed? Traditionally September has been a time when more properties come onto the market.
With back-to-school comes a sort-of new year vibe; the realisation that the end of the year is nearing and the sellers who wanted to move still haven’t listed their home.
They may have used their time off during the summer to prepare their home to go on the market by decorating rooms or tending the garden. When a home looks at its most perfect is the best time to take those listing photos, after all.
So, this is when there will be a flurry of new properties arriving on the market, but the good news is that they’re all very keen to sell.
Why? Most vendors want to get their move out of the way and their family settled into their new home in time for Christmas.
This means they’ll be keen to sell to buyers without a chain so that the exchange can happen quickly, and they therefore may be more likely to accept your offer as a first-time buyer.
Lovely autumn decorations by @another_old_school_house
Winter wasteland
Ha, that title sounds dramatic but here’s the good news; if you want to get a bargain as a first-time buyer, the winter is probably the best time of year to start viewing houses.
There are fewer properties coming onto the market – a bit of a wasteland – but there will still be those summer and autumn listings that didn’t sell straight away, which equals dropping prices and the potential for negotiation.
Many vendors will want to sell their properties before the bad winter weather comes, bringing maintenance issues. Plus, the darker evenings mean less viewings are taking place after work, so less competition from other buyers.
Again, if you’re chain-free, you can probably use that status to your advantage and have a lower offer accepted because you can complete quickly, before the winter weather sets in.
Of course, you want to avoid buying a ‘money pit’ property, so the winter is also helpful for this. Rather than the rose-tinted viewings of spring and summer, the wet weather shows up any maintenance issues like leaks and dampness.
This can give you some bargaining power to get the price reduced if there’s work to be done, plus you’re going into the purchase with your eyes open to the work that may need to be done next year, after you move in.
I hope this overview of the property market ‘seasons’ will help you to bag a bargain when you’re searching for your new home. What time of year did you buy your home? Did you find it was an easier or more challenging process because of the season you started negotiations? Please share your advice and ideas in the comments below, I’d love to learn from your experiences.
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This article is a sponsored collaboration. The pink links in the content indicate a sponsored link or information source. The blog post reflects my own experience and the sponsor hasn’t had any control over my content 🙂
