While Spring has traditionally been many people’s preferred time to move home, there is an argument that January is just as good a time to move.
Some of the reasons that motivate people to move in January are highly personal.
They may have been sat in their homes over the Christmas period with more than enough time to spot all the things they don’t like. Perhaps it’s just that new year feeling; new year is the right time to start a new chapter. Or maybe it’s because they have wanted to move for months but were put off actually doing anything by the dark evenings and cold.
However, there are more practical reasons why January is a good time to move. We’re going to look at these in this blog.
If you have been thinking about moving to a new home and the new year has given you fresh impetus, the following reasons may just be enough to convince you that January really is a good time to move:
1. Economic reasons from a property industry experts
According to Zoopla, current economic conditions make January 2024 a good time to move.
UK house prices are expected to fall 2% over 2024. If house prices do fall and – as is expected – incomes increase and mortgage rates return to where they were, homes will immediately become more affordable.
2. The market is at its most competitive in terms of stock
The number of homes for sale is now higher than it has been for 5 years. This means sellers must keep their prices competitive which is great news for buyers.
3. In January supply of houses may drop but demand remains high
While housing stock is relatively high, some sellers will still take their home off the market for the perceived winter ‘downturn’. As a result, if you have a home to sell, marketing it in January could be much less competitive than marketing it in Spring. This could help you sell your home quicker, speeding up the chain you will probably find yourself in.
4. There are fewer buyers to compete against
January is cold and it gets dark early. This tends to mean less people are out looking for/at properties. This in turn means there will probably be less people to battle against when you find your dream home and less pressure on you while you negotiate the right price and make your offer.
5. You may find sellers more motivated
Sellers are arguably more motivated during winter. Again, this is because the market is likely to slow so if sellers have their eyes on their next home, they may be open to a deal to speed things up. You could use this to agree a better price.
While all these reasons could make a January move more attractive, we would offer one piece of advice. If you do move in January, please invest in a decent survey.
Homes – particularly older buildings – can experience more problems during the winter, especially when it has been as wet as it has been this year. Make sure you commission a thorough survey to highlight problems with damp, heating systems, windows, roofing, or insulation.
We appreciate moving involves a lot of extra costs, but a survey is one cost you can’t afford to cut. It could very well save you from the huge expense of putting fundamental issues right once you buy the property.