Why Winter Can Be a Great Time to Buy a Property
If you think house-hunting in winter is a bleak and unrewarding experience, then think again. It may actually be the very best season to commit to a new home. There are several reasons why winter can be a great time to buy a property.
No one can pretend that viewing on days with limited daylight and in cold and wet weather is as fun as doing it all in sunshine. And it’s clear that usually there are more homes listed (and thus more choices available to you) in the spring and summer.
But nonetheless, there can be advantages for taking the plunge and buying during winter, and even in the build-up to Christmas.
Less competition
One reason why winter can be a great time to buy a property is that there are fewer buyers to compete for properties. This is especially so in early winter when families in particular are preparing for Christmas. But it’s worth noting that buyers at this time of year are (like you) typically highly motivated, which is why they are not waiting until spring to search for a home. Figures show that compared to other times of year, in the winter more buyers are ‘hot to trot’ with mortgages arranged and their own home on the market.
Estate agents have more time
We’ve all been on viewings when you get the feeling the agent is rushing us through because they have a string of other appointments to make that same day. In winter, business is quieter. So buyers can and should use the opportunity to be exhaustive in their viewings of properties. This is another reason why winter can be a great time to buy a property, as estate agents are less rushed.
You see the property at its worst
Arguably, any property looks good if the sun shines, leaves are green, and rooms are bathed in natural light. A viewing in winter will reveal what it’s like when it’s damp, dark and dreary outside. Problems will appear more stark and ‘real’ room size more apparent when windows and doors are shut. If the property still feels like the perfect place for you, it may well mean it is.
Energy efficiency is key
Energy costs and public awareness have soared in recent years. On top of that, government targets are likely to force homes to have improved Energy Performance Certificate ratings in the future. Viewing on a crisp winter’s day will give you a valuable insight into this aspect of a property. Assessing energy efficiency is indeed a reason why winter can be a great time to buy a property.
The psychological effect
Winter is seen by many as a time of renewal and reset, preparing for the new year. Sellers (especially if their homes have been on the market for some months) want to ‘get it done’ by the festive season and may be more likely to compromise on price than at other times of the year. So, why winter can be a great time to buy a property is clear from this aspect too.
The neighbourhood becomes real
Depending on where you buy, winter may mean fewer visitors and tourists. Giving you an accurate assessment of facilities for permanent residents. Do shops stay open year-round? Is parking easier out of season? Does the place lose its buzz – or actually become more liveable? That’s another reason why winter can be a great time to buy a property.
A purchase might just be quicker
There are many potential delays in the house-buying process. Often because of legal and mortgage issues. But with fewer sales over winter, the interlocking parts of a deal may move a little more rapidly. The efficiency of transactions in winter is another argument supporting why winter can be a great time to buy a property.
Boxing Day boom
If your hunt for a new home doesn’t pay off by Christmas, you may have greater choice soon afterwards. Sellers are increasingly drawn to listing for the first time on Boxing Day. For example, on December 26, 2023, there were 46% more homes launching on Rightmove than the same day a year earlier. Boxing Day listings are definitely why winter can be a great time to buy a property.
Whatever time of year you house-hunt, the same rules apply to put you in pole position as a potential purchaser.
Have your existing home on sale and have your funding agreed – if you need it and are not a cash buyer. Instruct an experienced conveyancer to start the process straight away if you find the right place. And talk through your plans with a Propertymark agent to make sure you haven’t left anything to chance.
All of these will make you a favoured buyer if you choose to make an offer.
Getting ahead of the game this way means you may have an edge over rivals for the same property. And yes, even in winter, there can be competing offers for a home.
Last Updated: November 29th, 2024
