When to buy?

hopingforahouse

Am just wondering -

Is there a 'right' time of the year to buy a property?

And, I know this is kind of 'how long is a piece of string', but approximately how long will it take from putting an offer in, to moving in? Just in average?

We are first time buyers, and currently this property malarkey seems VERY confusing!

Ian_W

There really isn't a "right" time to buy but many people start looking in Spring in the hope they'll complete in the summer rather than over Christmas or in the depths of winter.

If you see and like an empty house or one where the occupants are moving abroad, to rented or whatever - you are buying their property and there are no linked purchases and sales it's possible to complete within 4 weeks but more likely to be nearer 12. If, as is usually the case, you get involved in a chain - that is your seller is buying, so's there's etc it can get quite complex with half a dozen properties involved. The you're looking at a minimum of 3 months and probably an average of nearer 6 months.

Just to cheer you up further, over 25% of sales fall through because the chain breaks down or a buyer pulls out. So BoL.

EdInvestor

The "high season" for putting property on the market is spring and autumn so you will get more choice then and also probably higher quality properties.On the other hand, for an FTB there may be simply too much choice, leading to confusion.

Outside these times it may be easier to snap up a bargain as owners may be more prepared to negotiate to achieve a sale and also, because less busy, agents may have more time to help you through the process. FTBs should take their time and view as many properties as possible so as to learn how to compare and contrast their basic qualities.

Some areas are "seasonal" - for instance property in seaside areas can drop in price by as much as 10% in the winter months. London prices can rise at City bonus time.

Angela_D_3

I would look now, IMO more properties come on the market in January - divorce season !!

mrsc_4

We originally planned to put our flat on the market in January in hope to be mvoed by summer, but then we started looking at the local market and decided to bite the bullet and we SSTC to August. How long it will take no one knows.
When we brought our flat the offer eas accepted in January but we didn't move in until the end of July as our Vendor pulled out of properties, (giving her the benefit of doubt she was 80 and going into sheltered accomidation).
There is nothing to stop you looking and watching the market now and then deciding to view anything you like the look of.