What is the most popular time of year to buy a house?

Does the time of year make a difference in house purchases? The answer is, yes and no.

The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances. However, the spring is usually the most popular time for buying a home.

Seasons

Spring is an optimal time of year to buy a property because you will find there are more properties on the market. Despite having more options, sales tend to go through faster as most people are keen to complete in time for summer.

Summer can often be quiet as many families jet off on holiday or are home with the kids during the school holidays. Demand spikes again in September being the second most popular time to purchase a home with the kids back at school and Christmas still a little way away.

During mid-November and December, sales are down due to a lower level of demand. Most people will be focusing on Christmas and entertaining, with selling up being the last thing on their minds. There is usually an increase in properties on the market from Boxing Day to New Year with New Year resolutions flying around and people wanting to make changes.

Economic Factors

The housing market is affected by the state of the economy, interest rates, and inflation. The Bank of England has been increasing the rate since December 2021, and it has remained the same (5.25%) since August 2023.

There is no ‘right’ time to buy as there are just different times which come with pros and cons. Ultimately, it comes down to your personal circumstances, and what works best for you.

Recent posts

Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.

Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy

If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.

Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.

If you are struggling to get over the hurdle of saving enough deposit due to being in a rental property, but wish to purchase your own home, you may be able to with a 100% mortgage. You will need to meet certain requirements and be financially stable.

If you are looking at remortgaging your property but you are unsure whether it’s the right decision, we have listed five reasons why it might be for you.

As the cost-of-living crisis continues, many people across the UK are struggling financially, many of whom are finding it hard to get debt-free.

According to research by StepChange, there are five common reasons people don’t seek help and advice with debt concerns.

Friyay Rate Reviews

6 Feb 2024

Every Friday our experts search the market for the latest rates from every lender saving our clients some serious £'s!