Is Spring a good time to buy and sell property?
Typically speaking, Spring is a good time to sell or buy a property. The flowers are blooming, birds are singing and the days are longer.
Here are some of the main reasons why there is typically a surge in property purchases in Spring.
In most areas of the UK the weather is warmer and more pleasant in the spring which makes it an ideal time for house hunting. It’s easier to get out and see homes without having to deal with it raining or snowing and the evenings are longer.
Homes tend to looks better in Spring as owners get those long put-off DIY jobs finished and get gardens looking their best with freshly cut lawns and bright coloured flowers. The rooms in the property look lighter, and home seems warmer for potential buyers.
Families with school-aged children often prefer to move during the summer months to minimise disruption to their children’s schooling, which means they may start their home search in the spring. It’s also the ideal time to start looking at new schools for your children so you are in the catchment area for some schools.
While spring is a popular time to buy, it’s also a competitive time for sellers. Buyers may be able to negotiate better pricing and terms because there are often more homes on the market and more competition among sellers.
Timing Your Move
Spring is an ideal time to move due to its proximity to the summer months. Many people prefer to move during the summer as it’s often easier to take time off work and organise the logistics of a move. By moving in the spring, you’ll have plenty of time to settle into your new home and start doing DIY jobs in the house and garden (if you’re lucky enough to have one).
Interest Rates & The Economy
In terms of the economic climate, whilst the Bank of England Base Rate has climbed steadily, the cost of fixed rate mortgages (which is the most common way to borrow) have settled at around 4%-5% for most types of borrowers. Whilst this is a far cry from the sub-1% rates we saw in 2021, the market is adjusting and settling into a healthy rhythm.
If you’re considering buying a home in the spring, it’s a good idea to speak with an independent mortgage adviser who can provide guidance on the housing market and interest rates.
Will Sproule – 6th April 2023