When is the best time of the year to buy and sell a house in the UK?
It is no secret that the UK property market sales tends to go through a lot of peaks and troughs over a large period of time. We are currently in a very good market where prices continue rise in Nottingham.
As a result of this, consequently, property prices tend to fluctuate throughout the year. In light of the continuous movement, it is essential for investors to identify when, if any, is the best time to access a distressed refurbishment deal.
Research shows that the types of property purchases differs from season to season, and is as follows:
Autumn & Winter - Influx of investors purchasing probate properties due to the increased availability
Spring & Summer - First time buyers or repeat buyers purchase refurbished properties
All Seasons - Ideal for motivated seller purchases and repossessions purchases
If you are contemplating selling a house in the future, it is crucial that you weigh up the pros and cons, analysing your needs and requirements before you enter into the property market in order to get the best sale!
You may want to initially focus on a time of year which is recognised as being more prominent for buyers. This gives you, the seller, the opportunity to obtain an increased number of prospective buyers for the property you are wishing to sell, consequently allowing you to choose the best deal possible. In addition to achieving a sale over the asking price!
Ultimately, there is a general sequence that appears to be ritualistic within the UK property market.
Residential buyers looking to move into a refurbished property prefer to do so within the summer months. Therefore, if we backdate the process of purchase and refurbishment, September/October falls perfect for the commencement of the legal process. Prior to Christmas you could be refurbishing the property, meaning that by March your house is ready for the Spring/Summer sales cycle.
For a specialist firm that buys distressed properties, 90% of our purchases are probate properties, and therefore a large influx happens around November/December with the other 5% equally split between motivated sellers and repossessions.
Below you will find two examples of investment timelines, in an ideal world:
August 1st - Purchase is agreed November 8th - Legal Process is completed Feb 8th – Refurbishment is completed March 8th - House Sold
November 15th – Purchase is agreed February 22nd - Legal Process is completed May 22nd - Refurbishment is completed June 22nd - House Sold
If you’re thinking of an investment now, then be sure to see what we have instore over the Autumn. Our current investor waiting list is November 2016.
To request a Brighter Investments Purchase Timeline stakeholder document, which shows all the integration of parties concerned in a purchase, please get in touch. Want to know more and see how we can help? Just Give us a call on 03301331162 or email firstname.lastname@example.org