It’s common knowledge that, as the nights draw in and temperatures drop, the housing market starts slowing down.
Information from the Land Registry clearly shows a marked drop off in completed property transactions in the first quarter of each year in Wales.
Between Q4 and Q1 in both 2012 and 2013, there was a fall of 25%. Given that each property usually takes between 8 and 12 weeks to formalise, it’s clear that the Christmas period has a marked impact on property sales.
But there is a school of thought that suggests that prospective buyers and sellers could do well by acting during the cold, dark winter months.
When to sell – could buying or selling a property at Christmas make sense?
For buyers, the simple laws of supply and demand dictate that there’s every chance of bagging a bargain over the winter. In particular, if the property has been listed over the busier autumn months and hasn’t sold then there’s every chance the seller could be slightly more flexible with the price.
For sellers, too, it’s not the end of the world. Because the market famously slows down in November and December, many prospective sellers elect to keep their house off the market until January or February. Listing a property before Christmas could mean that you’re actually faced with less competition – making it easier for buyers to find your property. And the holiday season often means that buyers have more time to view prospective properties.
What’s more, the quieter time of year could work in your favour when it comes to third parties. Solicitors, estate agents, surveyors and builders are typically less busy this time of year, and so might be able to help you push your sale through quicker than, for example, in the busier spring.
When doesn’t buying or selling in the winter make sense?
If you’re not in a rush to get your house sold, or are happy to wait through the winter months before buying, then it probably does make sense to wait until the days are a little brighter and the market starts picking up again.
There is, after all, more chance of finding your perfect property, or sourcing the best possible fee when there are more properties being bought or sold. And if you don’t manage to sell your property in the winter then buyers in the spring may wonder why your house has stayed on the market so long.
Talk to Howells today
However, every home – and every buyer or seller – is different. When you’re deciding when to buy or sell a property it’s essential to get solid advice from experts you can trust.
If you’re looking to buy or sell your home in South Wales, talk to award-winning conveyancing experts at Howells Solicitors today. We’ll talk through your specific circumstances and help devise a plan that puts your needs first. Enquire online above today, email info@howellslegal.com or call 02920 404020.
Image: Danny Fowler under CC BY-SA 2.0)
