When is the best time to buy a house?
02 October 2024
Whether you’re planning your first or your next move, getting the timing right has the potential to make your home buying journey go more smoothly and keep costs down as well.
So, when is the best time to buy a house?
The answer isn’t always straightforward, since there are a few variables at play – from your current life stage to the time of year and even how the economy is performing.
In this article, we reveal some of the best times to buy a house while highlighting the additional considerations for making the right move at the right time.
In this section:
- What is the best age to buy a house?
- Is buying a house a good investment?
- When are the best and worst times of year to buy a house?
- Tips for moving at any time in the year?
- Other things to consider when planning to buy a house?
- Advice on how to buy a house?
What is the best age to buy a house?
Last year, based on housing sales data from Halifax between January and August 2023, the average first-time buyer’s age was 32. But this is only an average. If you’re looking to step onto the property ladder, it’s important to reflect on your own unique circumstances, which might mean becoming a homeowner sooner or later than this.
The good thing about taking out a mortgage when you’re younger is that you have longer to pay it off and your monthly repayments will be lower too. However, something to bear in mind is that you will need to have built up enough of a credit history beforehand, so you qualify for one.
Waiting until you’re older to buy means you will probably tick the credit history box, but your mortgage term will be shorter and your payments higher – although it’s worth pointing out that your income is also likely to increase as you age. It’s all about finding the right balance.
If you’re already a homeowner, planning your next move will be less about your age than your life stage; you might find you need more room to grow your family, or if your kids have flown the nest, it could be a good time to start looking for something smaller.
Is buying a house a good investment?
There are many benefits to buying your own home, not least having your own space to decorate and adapt as you want. When you become a homeowner, you’re laying down the foundations for your future by taking the first step towards living life your way. It means you can finally adopt that rescue dog, have family over to stay or even start one of your own..
Stepping onto the property ladder is also a good investment, since property values generally increase over time, which would allow you to upsize to a bigger home eventually or free up funds by downsizing. Nothing is guaranteed of course, but for the most part paying a mortgage makes more financial sense than renting, and once it’s paid off your home is your own!
When are the best and worst times of year to buy a house?
Depending on your house buying aspirations, and whether you already have a home to sell, different times of the year will offer better windows of opportunity than others.
Here are some pros and cons for buying a house during each season:
Spring
With Which? pointing to Rightmove receiving the highest number of buyer inquiries in March, followed by April and May, it’s clear that spring is a popular time to buy a house. There’s definitely something about the approach of warmer weather that makes the idea of a fresh start more appealing, while moving itself becomes much easier than during the winter months too.
This is good news if you have a home to sell, particularly given interiors and gardens tend to brighten up in the springtime, making it easier to close a sale. As a buyer however, while you can choose from a wider choice of properties with the likelihood of being settled in time for summer, you need to be prepared for increased competition and fewer price reductions as a result.
Summer
The summer months are traditionally quieter for the housing market, as people head off on their holidays and families are kept busy entertaining children. But with less buyers chasing fewer properties, this could actually be the ideal time to make your move – particularly if you don’t need to work around school term dates.
If you’re a seller, you could also benefit from moving in summer, when there isn’t as much competition and your home has a better chance of standing out.
Autumn
Like springtime, autumn is another season favoured by those looking to move. With the holiday period at an end, many people are freed up to focus on their home buying journey and you are likely to see a surge in new properties becoming available. If you’re selling, your property is likely to fetch a good price as house hunters race to be in a new home for Christmas.
But whether or not you have a house to sell, you can take comfort from the fact that removals companies tend to be less busy at this time of year, so your moving day quotes will be more competitive.
Winter
Typically, the winter months are the slowest ones for the housing market – December especially, as the days grow shorter, and the festive season gets underway. However, if someone is intent on selling around this time, you will be in a good position to negotiate a lower offer and secure yourself a bargain. Just be mindful of house purchases taking longer to process over the Christmas period and potentially having to move in adverse weather!
Tips for moving at any time in the year
Whatever time of the year you decide to move, there are always things you can do to make sure the move you make is a smooth one.
If you are a homeowner, spending some time getting your home ready to sell by making sure everything is clean, presentable and in good working order will dramatically increase your chances of making a quick sale. For renters and homeowners alike, decluttering will prepare you to start your next chapter afresh and ensure you only bring what you really need – and want – to your new abode.
It's worth bearing in mind that if you decide to buy new, you will be able to choose from a year-round supply of properties. Many developers also offer schemes such as Places for People’s Part Exchange and Easy Move, which takes the hard work out of selling an existing home.
Other things to consider when planning to buy a house
Many of the considerations around buying a house tend to focus on finances and making sure it’s going to be affordable. To help, we have created a checklist that outlines what to do to enhance your financial position ahead of your move.
It’s important to keep an eye on the economy too, which will impact interest and mortgage rates as well as house prices – although it’s just as important to weigh these variables against what you stand to gain from making a move.
For those wanting to buy a new home, there are some great schemes designed to make the process more affordable. The government-backed Shared Ownership scheme for example works by allowing eligible applicants to buy a percentage share of a new-build property. And since your deposit is only based on the share value rather than the full property price, it’s much lower and therefore much more affordable.
Discover more ways to buy new.
Advice on how to buy a house
From having your pick of available plots to saving money on utility bills, there are many advantages to buying off plan. You might also want to read our guide to buying a new home, which explains the house buying process in detail so you know what to expect before you start.
We hope this article has helped you decide when might be the best time for you to buy a house. If you need more help to get your home buying journey underway, please do get in touch.
In the meantime, why not explore our developments and available properties?