Due to frantic buyers pushing to buy a new home, the UK property market was one of the busiest years ever in 2021. As a result, prices reached record highs. According to property experts, the UK housing market will stabilise in 2022.
Because demand, supply, and price are all dynamic and interconnected, forecasting the market’s direction can be difficult because even minor changes in one aspect can significantly impact the others. The most basic market timing method is to use holidays and seasons as benchmarks. For example, one of the most popular times to buy a house is Easter.
Is Easter a Good Time for Home Buyers to Get a Good Bargain?
When it comes to purchasing a house, real estate investors understand that quick action is the key to getting a good deal. The best time to buy a house is widely acknowledged to occur at specific times of the year (months, days, or even particular dates). Even a holiday, such as Easter, can present excellent opportunities for purchasing a house.
The four-day Easter weekend is a good opportunity to break away from a hectic work schedule and spend time with friends and family. If you are currently house-hunting in the UK market, It is a perfect time to do research online and schedule to go and visit potential homes.
More likely than not, you may find your dream house this weekend and decide to put an offer in. However, most estate agents are closed over the bank holiday, and you should expect to wait until the following Tuesday.
How Does the House Selling Cycle Work?
Since most people are in holiday mode, Easter is the best time to buy a house because there is plenty of stock and few buyers, so you can expect to find your perfect home and get the best deal. The availability of fewer houses gives you an edge, and you can win the bidding war with other buyers. Easter is the best time to buy a home, bag a bargain and find your perfect home.
Economic Factors to Consider
● The Following factors affect the UK housing market:
● The state of the economy
● Interest rates
● Inflation
In response to rising inflation, the Bank of England increased interest rates from 0.10% to 0.25% in December 2021. It will dampen down the rise in house prices. This is the primary reason Easter is a good time to buy a house or remortgage because of the current interest rates.
If you can put an offer on the house – and have it accepted – over the Easter weekend, there are fewer chances of any competition coming in with a better offer.
How is Easter the Perfect Time of Year to Buy a House?
Although the winter months favour buyers and the spring months favour sellers, purchasing a home on Easter is still the best time to invest in real estate for the following reasons:
Less Competition
Because of the increased level of competition, real estate investors are sometimes advised not to buy homes in the spring. You’ll have to compete not only with other homebuyers but also with first-time homebuyers eager to secure a property before the school year begins. Easter Sunday falls in the middle of spring, making it one of the busiest times in the UK housing market.
Easter is a federally recognised holiday, increasing competition for homes for sale during the spring buying season. Many prospective homebuyers would prefer to spend their holiday seasons doing something other than scouting the market for a new property. They may be on vacation, but the real estate market never stops!
The Take-Away
Savvy home buyers make an offer on a property when the seller has no other offers. It improves their chances of success. As a result, Easter is an excellent time of year to purchase a home. Because no one else is bidding against you, your chances of getting into a bidding war are slim. It is especially useful for first-time homebuyers concerned about competing with more experienced buyers.
