When are the best times for buying or selling a house?

When is the best time to buy a house?

If you are buying a house, you want to be sure of the best time to do so. It is important to get your timings right, as it can affect how much you pay and the choice of properties for you. The best time to buy a property is when there are both:

• lots of properties for sale
• many property buyers around

There are also some key trends to be aware of in terms of the best time for buying a house. For example, springtime is a perfect time to consider buying a house. 

However, you should note that most people choose this time of year to buy a house, so you may face more competition than at other times. Early autumn is also one of the best times to buy a house.

Also, many people want to move more quickly when buying a house in spring so that it is complete by summer, therefore you are likely to have a faster purchase. Sellers often want to complete the sale before the summer holidays. Whereas when you buy a house during the Christmas period, business slows down and so does the property market so you could face a longer buy.  

However, regardless of which season is the best time for buying a house, there are other factors which you need to consider. 

Economic factors have a huge impact on when the best time is to buy a house. The state of the economy affects the housing market in terms of interest rates and inflation. In December 2022, the base rate was raised by the Bank of England by 3.5%, and this had an effect on interest rates for mortgages meaning massive monthly interest payments, so right now might be the best time to buy, However, if inflation rises, interest rates may go down, and this can mean house prices decrease. When this happens, it may be the best time for you to buy a house. 

Also, the best time to buy a house can depend on the individual seller in terms of their situation. If a seller needs a quick move or is very keen to get their house sold, they may sell it to you for a lower price. Therefore, there is no actual best time of year to buy a house in terms of general house prices.

When is the best time to sell a house?

If you are selling your house you want to choose the best time of year to do so. The best time of year to sell a house is during the summer and the winter. The best time to sell your house also depends on the local market as well as the property type you wish to sell. 

However, others say that spring is the best time to sell your house with March, then April and then May being the best months. However, if you're looking for a fast sale, March may be your best bet to sell your house as it can take only around 57 days to go under offer. Others say Autumn is also a good time to sell your property.

Of course, other factors come into play when thinking about the best time to sell your house, including whether there are:

• many buyers on the market
• not many sellers wishing to sell their houses

What makes it the best time to sell?

Summer and winter may be the best times to sell your houses as not many people sell at this time so you have less competition. Buyers are likely to notice your home and therefore, you have more chance of a sale. 

Those that say spring is the best time to sell your house, with March being the top month, put the reason down to a large number of buyers on the property market. Also, people often feel happier at this time and do not have plans already scheduled such as a holiday. Those who believe autumn is the best time to sell their house is because people are buying properties because they have just finished the summer holiday and a sale in autumn means a potential quick sale for a move-in by Christmas. 

March is considered the ideal time for a fast sale, because it is likely this is when your property will spend the least time on the property market. There's every chance you'll get more money for the sale too.

Is it different for first-time buyers?

If you are buying a house and are a first-time buyer, the best time to do so may differ from the general best times for buying a house. For a first-time buyer, the best time to buy a property can be when interest rates are low as this will affect the deal you get on a mortgage.

If you're selling a property, you may find that if it is a small property, the beginning of the year is a good time to sell your house. This is because such property appeals to first-time buyers who often wish to buy in the new year. 

Do certain properties sell better than others?

If you are considering buying a house it is worth looking at new developments, especially when the developer has built all the houses but a few are still not sold. This is because you may be able to get a good deal as the developer may be itching to move on to their next project. 

Also, different properties sell better at different times. For example:

• one and two-bed flats may sell best in January, February and September
• three and four-bedroom family homes tend to sell best outside school holidays
• bungalows and retirement homes sell best when it is warmer

Is there anything else I should consider when buying or selling a property?

Buying and selling a house is not just about the best time of year though. There are also other factors you may wish to consider. 

For example, your age can be a factor in terms of the best time for buying or selling a house. You need a credit history for a mortgage so when you've only just 18 it might not be the best time to buy, as you've not had much time to build a decent credit score. 

However, if you leave it too late your mortgage terms are shorter and your payments will be higher. Although bearing this in mind, nowadays mortgages are being offered to those as old as 80 as mortgage providers appreciate that people live longer.

Thinking of buying or selling a house?

If you are thinking of buying or selling a house, we at Homeward Legal can help.  When you buy or sell a house, you will need the advice of a conveyancing solicitor. At Homeward Legal we have specialist, experienced solicitors who can help you with your many questions and give you the best advice throughout your sale or purchase.

Contact Homeward Legal today on . If it's easier, why not send us a quick and easy message here.