IS NOW A GOOD TIME TO BUY

Is it a good time to BUY A HOUSE?

When’s the best time to buy a property? Our experts put you in the picture

If you’re thinking about buying a house, it’s worth bearing in mind that certain times of the year are better for this than others. A market brimming with houses for sale is the best time for purchasing, whereas if there’s little available, you could end up paying over the asking price in a bid to beat other buyers.

Buying property is a huge investment and not a decision to take lightly. With the stamp duty holiday now over, and life getting back to some sort of normality, it’ll be interesting to see what happens to the property market going forward. Whattimeofyearisbest?

Traditionally, spring and early autumn are popular times to buy. ‘There is typically more housing stock available in spring and sales often go through quicker as people are keen to complete before the summer,’ says Heather Owen, financial planning expert at Quilter. ‘In contrast, the number of homes available later in the year tend to drop as homeowners opt to stay put for the winter,’ she says. Andwhat forselling about ahouse?

Interestingly, although spring and early autumn are the best time to buy, winter and summer tend to be the best times to sell a house. ‘With fewer properties available in summer and winter, your house will have less competition and stand out more,’ explains Natalie Carter, director at Kai Carter Estates.

‘March often sees an increase in the number of homes up for sale. So if you are looking to buy a house then it is likely you will have far more to choose from as there are lots of people looking to move home in the spring,’ says Heather.

3 ways to

SPEED UP THE PROCESS

Tips from Natalie Carter, director at Kai Carter Estates

1ASSESS YOUR POSITION ‘Being a cash buyer and/or with no chain will increase your appeal as a buyer, as the sale can move quickly, sometimes in just 30 days.’ 2CHECK OUT NEW HOMES Look at new developments where the homes are all finished, but not yet all sold. ‘Once houses are built, developers want to capitalise on their investment to fund their next project. If a few houses remain unsold they may be prepared to take an offer,’ she says.

3MAKE AN OFFER ‘If someone needs to sell quickly for financial reasons – relocation or perhaps a separation – they may be more inclined to take an offer, says Natalie.

When’sthebesttimeto buyforfirst-timebuyers?

‘Latest forecasts suggest an imminent base interest rate hike from the Bank of England, which will ultimately lead to higher mortgage costs over the next year,’ says Vadim Toader, CEO of Proportunity. ‘As property is seen to be inflation-proof, that will likely drive prices even higher, which will have a double whammy impact on people hoping to buy,’ he says.

If you’re in a position to do so, Vadim advises jumping on the property ladder sooner rather than later, in order to benefit from current low interest rates. ‘To unblock these advantageous rates, buyers will need around a 20% deposit,’ says Vadim. If you don’t have cash savings to hand, check out the government’s shared ownership and Help to Buy: Equity Loan schemes. Is2022agoodyeartobuy?

There is a general consensus that 2022 will be the year when buyers will get a fair price. ‘Sales being agreed have increased, but the number of sales achieving over the asking price has reduced,’ says Nathan Emerson, chief executive at Propertymark.

Nima Ghasri, director at property buyers GoodMove, agrees: ‘Demand remains strong and there is currently a shortage of properties to meet demand. So prices are holding steady and I believe they will continue to do so in 2022,’ says Nima. Meaning 2022 is looking a promising time to make a smart home changeover.