Could you bag a bargain house in December?

December is one of the quietest months of the year for the housing market, but you can use that to your advantage.
December may not seem the obvious month for a bit of househunting, with most of us far more focused on sorting out Christmas presents for our loved ones.
However, if you are thinking about moving house then it's a fantastic time to start your search. You could actually use how quiet it is to your advantage.
Your bids look better
“When other prospective buyers are taking a house-hunting break and are busy shopping for Christmas, a keen seller will be happy to see you. And a lack of other bids will make yours seem more appealing,” says Miles Shipside, housing market analyst at Rightmove.
This year it is a particularly good idea to carry on looking for your new home while other potential buyers are distracted. At the moment demand is far outstripping supply for property. This means you’ll often find yourself in a scrum when it comes to putting in an offer on a property. So get out there on the hunt when it is quiet and you stand a better chance of snapping up your dream home when you find it.
“With this year’s sellers’ market looking likely to continue into next year, there is a small window of opportunity to be ahead of some of your buyer competition,” says Shipside.
[Related story: Is your energy bill about to soar?]
You might get a better mortgage
Another reason to house hunt in December is that with many people distracted by Christmas you are also likely to find mortgage lenders aren’t quite as busy as normal either. This means your application may be dealt with quicker and you could even get a better deal.
“Lenders have certainly been competing hard recently and many fixed rates have been cut as a result,” says David Hollingworth, an associate director at mortgage broker London & Country Mortgages. “Towards the end of the year many lenders are either eager to get business on the books before the end of the year or to start building a pipeline of business to take through to the New Year.”
[Related story: Taxman targets high earners in latest tax avoidance crackdown]
Getting ahead
Finally, sticking with your search through the busy Christmas month can also put you a step ahead of the numerous new buyers who come to the market in the new year.
“Early January is a very busy time of year for the property market. After the Christmas lull, thoughts turn to plans and resolutions for the year ahead, which in turn triggers a period of significant increase in traffic to property sites,” says Lawrence Hall, a spokesperson for Zoopla.
Compare the best mortgage deals
Essential property stories
Save thousands on your next house
How to buy a repossessed property
Why mortgage lenders turn you down
Most Recent
Comments
Be the first to comment
Do you want to comment on this article? You need to be signed in for this feature