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When is the Best Time to Buy the First House?

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When is the Best Time to Buy the First House?

June 02
17:43 2022

London, UK – June 2, 2022 – Are you thinking about buying a house? Timing is everything, and it’s worth thinking about the different times of the year that lend themselves to a property purchase better than others.

For instance, when the market is filled with properties for sale, this is often the best time for buying a house, as you’re more likely to snatch up a good deal. However, suppose there are a relatively low number of properties available. In that case, you could end up paying over the asking price in a bidding war to beat other buyers who are also struggling to find a property.

In the UK, summer tends to be quiet in the property market. Pent-up demand for moves post-lockdown, as well as the rush for buyers to secure their purchase before the end of the stamp duty holiday, fuelled the property market, resulting in over 200,000 house sales in June 2021 according to HMRC.

Buying a property is one of the biggest investments any of us make, including everything from deposits to solicitor fees. It’s not a decision to take lightly. With the stamp duty holiday now over, and life getting back to some sort of normality post-pandemic, it’ll be interesting to see what happens to the property market going forward.

What time of year is best to buy a house?

Traditionally, spring and early autumn tend to be the most popular time to buy, with summer and winter being quieter. Typically there is more housing stock available in spring. Sales often go through quicker as people tend to be keen to complete before the summer.

On the other hand, as the number of homes available later in the year tends to drop, sellers opt to stay put for the winter. With the Christmas holidays on top of that, you can expect most people to delay a winter move for a few months until the market picks up again.

What time of year are houses the most affordable?

When it comes to affordability or when to grab a great deal, there isn’t a certain time of the year when you can always get a bargain. It’s more about the seller’s circumstances. If someone is looking to sell quickly for financial reasons – relocation, for example, or perhaps a separation – they may be more inclined to take a lower offer.

Is 2022 a good year to buy a house?

In the property industry, many believe that 2022 will be the year where buyers will get a fair price. The number of sales being agreed has increased, but the number of sales achieving over the asking price has reduced, meaning we may start to see an end to the bidding wars that have been so common recently.

That being said, demand remains strong and there is currently a shortage of properties to meet said demand. So, prices are – for now – holding steady.

When is the best time to buy for first-time buyers?

If you’re in a position to do so, it’s best to jump on the property ladder sooner rather than later, so that you benefit from the lowest historic interest rates currently available.

If you aren’t in a position yet or don’t have cash savings to hand, it’s worth checking out the government’s shared ownership and Help to Buy: Equity Loan schemes, offering first-time buyers the financial aid that they need to afford a property.

What age is the best time to buy a new home?

In the UK, the average age of a first-time buyer in 2020 was 34.5 in London, and 32.2 in the rest of England. The age threshold will likely rise over the next ten years, reaching 37 in London and 34 in the rest of England in 2032 – crediting increasing house prices as the cause for this rise.

Like many things, there’s no hard and fast rule. Generally you want to be young enough that you can have a mortgage term and payments that are affordable for you. The older you get, the shorter your term and therefore the higher your monthly payments.

Is the best time to buy a house during a recession?

A recession is generally considered a bad time to buy a home, as wages are lower and more people find themselves out of a job. However, there are pros to buying in a recession. The biggest being that house prices tend to drop, so you might get more for your money.

How has Covid-19 affected home-buying patterns?

Since the pandemic, there’s been a shift in homebuyers’ priorities. A private garden, space for a home office, and access to open green space are now becoming much more important. ‘The home has become far more than just the four walls that surround it.

About Just Move In

Just Move In are the UK’s home setup and utility management specialists. Achieving a B Corporation status, the company aims to make moving home as simple and easy as possible. They works with estate agents, suppliers, and property developers to ensure the process is as seamless as possible for buyers, sellers, and renters. Just Move In are a Living Wage employer and work in partnership with Worldview Impact Foundation to plant a mangrove tree for every customer they help.

For more information on Just Move In, view their website here: https://justmovein.com.

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