Summer has always been the most popular time to sell and buy property; a recent survey showed that April is the peak month. Whilst the summer and spring remain popular seasons to buy and sell property, the autumn has been shown to be financially better for buyers. On average, buyers can enjoy paying 2.6% below the estimated market value. This compare to April, where prices can be as much as 1.2% above any estimated value.
Those looking to buy property in the summer may have already purchased or entered into agreements. This means less competition for available properties. Those that did not see what they were looking for, may even drop out and wait for the New Year, assuming they have seen all and not wanting to be involved in moving near Christmas.
People selling their homes in the autumn may have a reason for urgency; this creates a far better bargaining position for potential buyers. If the property did not sell in the summer, but is ideal for your needs, then serious saving could be made by making an offer the seller can’t refuse. The longer the period of time that a property is up for sale, the more bargaining power a buyer has. However, always be aware and get good surveys done, the reasons why a property has not sold, need to be known and investigated.
There could be various tax deductions that could be gained come the following April, in such areas as closing costs, tax on the property and mortgage interests.
As the estate agents, auctioneers, brokers and property lawyers are likely to be less hounded than in the summer, you will get their attention easier. Answers to all your questions are more likely to be forthcoming. The estate agents in particular are going to be keen to find you suitable properties to view. The owners are also going to be keen to show you around and may be willing to hint at possible reductions, after failing to sell during the summer.
Even after you have come to a deal and have purchased a property, there are many jobs and alterations that you will want to make. Before the winter sets in, get the tradesmen in to fix things in the lull after the summer, Likewise, autumn could be a good time to find great deals on appliances that may need changing in the house. Most major suppliers have sales leading up to December to get that new fridge, stove or dishwasher.
12pm on the 31st October 2017
London Marriott Hotel Regents Park, 128 King Henry's Rd, London NW3 3ST