While the property prices in the UK might be at an all-time high, it is important to find the right time to buy a house. Most experts recommend that you look at properties during springtime, as most people put their properties on the market during this time and the demand is not too high.
On the other hand, experts claim that very few people put their houses on the market around Christmas and New Year, which means the supply in the property market will be pretty low around this time.
However, as market trends start to change, many experts are now recommending that you buy or sell a property during the holidays, especially at Christmas. Here are the top 5 reasons for you to buy or sell a property before Christmas, according to the experts.
Ps, while you’re putting your house on the market, you can start looking at properties to rent in Notting Hill, as the rents there are pretty decent, and it’s a great place to be, especially during the holiday season.
Buyers and sellers are both serious
In November and December, or anytime during the holidays, buyers and sellers are the most serious. New buyers could be looking for a potential property because of a job change, to start a new family, move closer to a school district and so on.
Sellers could be looking to move into bigger homes before the holidays, it could be a distress sale or it could even be a big move. Basically, buyers and sellers who are either looking at properties during the holidays or putting their property on the market during the holidays are both serious about buying and selling.
Also, since most non-serious buyers and sellers will not choose the holidays to enter the estate market, this is a great time for quick, smooth and seamless property transactions.
The interest rates are at an all-time low
At this time, the interest rates in the UK are at an all-time low. When the new year starts and the property market starts to pick up, the interest rates will start to rise again too.
That is why, if you are actually serious about buying a property, it is a great idea to make a move and secure a mortgage with a low rate of interest. If you are a seller with an ongoing mortgage, now is a great time to remortgage your property so that you can avail better interest rates.
Buyers and sellers are limited
During the holiday season, most people are not interested in buying or selling property. Due to that, the property market is actually not very crowded. The demand and supply are low, paving the way for serious buyers and sellers who are looking to close a deal.
During springtime, the demand and supply are very high, which means the prices start to rise, the competition increases, and there are quite a few non-serious buyers and sellers on the market.
Unlike that, during the holidays and around Christmas, the prices are relatively stable, there is barely any competition, and the only buyers and sellers you will come across are serious and ready to make an offer.
Make the most of the festive neighbourhoods
Who doesn’t love a festive neighbourhood? Christmas lights all around, beautiful houses done up with Christmas decor and just the feeling of hot cocoa and Christmas carols in the area.
Essentially, this festive neighbourhood vibe is a great selling point for potential sellers. Buyers who drive into a festive neighbourhood will automatically like the vibe and energy of the neighbourhood, which in turn allows them to fall in love with the home they are viewing.
As for buyers, visiting a neighbourhood during Christmas time gives a great idea of the sense of community, the overall safety and what kind of neighbourhood it really is.
Win-win situation for both buyers and sellers
One reason that many buyers prefer to buy a property around Christmas is so that they can make the most of the end of the year tax breaks! Many buyers can deduct property taxes, mortgage interests as well as the rate of interest on the loan if they close a sale before the end of the year.
As for sellers, selling around Christmas time can actually ensure a sale. According to a study by Redfin, the chances of actually selling a house in winter is 66 per cent higher than selling a house any other time of the year. Research shows that homes that are sold between 21 December and 21 March actually close the deal at the closest value to the asking price.
At the end of the day, as a buyer or a seller, it is important that you get a good deal. If you are getting a good deal before Christmas, it is a good idea to take it! After all, who knows what the future has to offer.
