Generally speaking, and certainly in the past, spring has been the busiest season for buying and selling. Once the winter weather has passed and we’re into a new year, people are ready to make a change – and homes generally look at their best in the springtime, with bright skies and lots of flowers in bloom.
In contrast, the winter is seen as the ‘off-season’ for house hunting. Short daylight hours make viewing properties outside of work time harder, homes don’t tend to ‘feel great’ in the cold and wet, and everyone’s distracted by the build up to Christmas.
But over the last decade in particular, economic shocks caused by Brexit and the pandemic, and the recent cost-of-living crisis fuelled by record inflation, have made it much more difficult for people to pick and choose an ‘ideal’ time to look for a new home.
Relatively low stock levels in the years either side of the pandemic (see new instructions chart below) have meant motivated buyers have had to be ready to make offers and move when the right property comes up, as there simply hasn’t been a huge choice on the market.
Source: RICS UK Residential Market Survey, August 2024
But the good news is that, this autumn, stock levels are sitting at a 7-year high, according to Zoopla, which means there should be a decent choice for buyers through the winter months. So, with mortgage rates falling, if you’ve been thinking of moving home, now could be a very good time to start house hunting. And if you can bear to brace the colder weather, there are some real benefits to looking in the winter off-season:
You could have less competition from other buyers
The reality is that most people don’t feel motivated to look for a new home in the winter, especially in the run up to Christmas. Less competition means there’s less chance of getting into a bidding war and/or losing out on what could have been the perfect property.
Estate agents can give you more time
When the market’s busy, estate agents have a lot of clients to deal with, but when it’s quieter, that means we can let you know about available properties more quickly and can give you much more help agreeing a purchase and progressing the transaction when you find something you love.
Many sellers will be keen to secure a sale before Christmas
Serious, motivated sellers are highly likely to want to agree a sale before legal, financial and other property-related companies stop working over Christmas and New Year. So, if you’re looking to get a good deal, you may be able to negotiate a discount on the purchase price if you can move quickly and give the seller that security they’re looking for.
You have the benefit of seeing the property at its worst!
Viewing a home in the bright sunshine when it’s warm and dry, you may simply not see potential downsides and could end up disappointed by survey reports - or even disadvantages once you’ve completed and moved in. But if you’re viewing in winter, it gives you the opportunity to find out how well the heating, lighting and insulation work, and you can experience the look and feel of the property when it’s dark, wet and cold. And if you love it then, think how great you’ll feel about it in the spring and summer!
Get ready to move
Three key steps to make sure you’re in the best possible position to secure a purchase this winter:
- If you have a home to sell, get a market appraisal from one or two experienced local agents as soon as possible. We will be very happy to do this for you – simply get in touch with your local branch and we’ll be happy to arrange a home visit. Then get your property on the market.
- Speak to a mortgage broker and get a decision in principle from a lender, confirming the level of borrowing they will offer (subject to approval of your mortgage application). Our sister company Mortgage Scout will be happy to help.
- Sellers are usually much happier if their buyers are not in a chain, as there’s much less change of completion being delayed by related sales/purchases. So, if you want to be in the best position to negotiate, aim to at least exchange on your own sale as soon as possible, and seriously consider being prepared to complete and move into a short-term rental.
