When's the best time to buy a home?13th June 2022
The pandemic has given us a new perspective on how we look at our homes. Whether this is moving out to the countryside to find a property with more space or having to incorporate working from home, 2021 was one of the busiest years for the property market. This has resulted in a dramatic rise of house prices across the UK. This is mostly because of changing lifestyle trends such as mentioned previously, and the small supply of desirable homes conflicting with high demand.
However, if you are thinking about buying a new home this year, industry experts suggest that things have leveled out as the year has gone on. This guide will help you decide when it’s the right time for you to make the move.
Understanding The House Selling Pattern:
The property market can work in cycles, and can work to your advantage. Ideally, the best time to purchase a property is when there are lots of houses on the market and few buyers, in order to achieve the best possible deal. If not, you can end up in a bidding war and risk losing the house of your dreams. Various factors can affect the selling of a house and the flow of the property market.
The Time Of Year:
Just like the weather, the housing market can be affected by the changing seasons - but is there really a ‘good’ and ‘bad’ time to buy? Here is a helpful guide of when to buy your dream home.
As Summer is in full swing - August is usually a quiet month, and with holidays abroad now given the green light, most people, (in particular families!) will be away this summer. They won't have the intention of putting their house on the market, due to viewings having to take place and the uncertainty of the buying/selling timeline. Additionally, you have school holidays to think about. The market for a family home is much more active after the school holidays, as families who are looking to move to a new area tend to sync it in with their child's school holidays. On the other hand, this can be a great time for you to move if you already have a property to sell, fewer houses on the market can really make your house stand out.
September is a popular time for the property market as people are wanting to settle into their new home before the holiday season starts as ideally, nobody wants to be moving around the Christmas period. If you don’t mind moving during this time and fall in love with a house, you can really grab a bargain in November and December. Some sellers may have external pressures meaning they can’t relist in the new year, resulting in a quick sale and they are more likely to accept a lower offer.
The state of the current economy can hugely affect your decision as to when to buy your new home. In May 2022, the Bank of England increased interest rates to 1% and with the additional rise in cost of living, you may not have a big deposit to put down. With many predicting that interest rates will continue to rise, it’s advised that you move sooner rather than later. Additionally, if you only have a 5% deposit and are a first-time buyer, the Government's mortgage guarantee scheme is still in place, and doesn't run out until the end of 2022.
The Impact Of Covid-19
Rather than the expected decline of house sales during the pandemic, the property market has thrived. Due to the scrapping of stamp duty, people were able to save thousands of pounds. Flexible working is here to stay so people are wanting houses with more space for an office, and longing to escape to rural locations like Northamptonshire. There are a considerable number of houses to buy on the site at the moment. If you are looking to move, take a look at our current listings.
Ready to discuss your options? Speak to Jackson Grundy
Whatever the time of year, Jackson Grundy can help you find your dream home. With 11 branches across Northamptonshire and years of expert local knowledge, we can help you whether you are looking to buy, sell, rent, or let a property in Northamptonshire. To find out more, get in touch with your local Northamptonshire branch today.