Learn The Best Time To Buy A House In The UK

When Is The Best Time To Buy A House?

Buying a house is the largest investment most people will ever make. If you are taking out a mortgage, you are likely committing to around 30 years of loan payments to a bank or other lender. That means you want to get the best house for the best deal. To do this, most people will compare mortgages, look at lots of different houses and aim to reduce fees, but is there a best time to buy a house?

It turns out there is. According to Ideal Home, Spring and early fall are generally the best times to buy a home. This is because there are more homes on the market at this time which means more choices for buyers. Another factor is that sales tend to go through quicker at these times because people are trying to move before summer or winter. The larger number of choices available in spring and early fall also means buyers are more likely to find a home that meets all of their criteria.

By contrast, people looking to buy in summer or winter will have a smaller number of homes to choose from. This generally means it is a seller's market and buyers will have to settle for a smaller selection.

The other issue with buying at these times is holidays. In particular, the Christmas period can delay a home purchase as all the businesses involved close for that time. If you need to buy a house quickly to meet the terms of a sale, this can cause all sorts of problems. With the Christmas holiday, sellers may also take their home off the market or pause their search for a buyer. This is because they do not want to try to move or conduct business right before or directly after the holiday.

Despite spring and early fall being the best times to buy, do not expect any discounts just because you are looking during these periods. The price of homes does not really change based on the season. Asking prices are generally based on what the property is worth and the seller's personal circumstances.

Some of the main things that could drive down the cost of a home would be a recession, changes in interest rates or an increase in the ratio of homes available to buyers.

What makes these buying trends so interesting is the exact opposite is true for sellers. People selling a home are better off doing so in the summer or winter specifically because there are fewer homes available. That means buyers cannot afford to be choosy if they want to close on their next home.

To find more money-saving tips, you can check out our blog. We have information on everything from saving fuel and gardening to setting up a budget.