I was called by a gentleman this week who would like me to represent him. He said: ” I am thinking of starting now to buy a house in August. I think it is a good time to buy as most other people will be away on holiday and someone might be keen to sell. Do you think this is a good idea?”
Well the answer is both yes and no.
There is a general belief that there are preferable seasons for buying and selling. For example, March to June and September to November are the best time to sell property as the weather is better and people are more focused on buying,
Conversely, December to early February and late July to the end of August are regarded as a good time for buyers for the reasons the gentleman mentioned. There will be less competition from other buyers and there may be a seller who is desperate to sell.
Unfortunately this doesn’t really work. Spring was certainly a good time for sellers traditionally as City bonuses had been paid and this was a major driver of the market. Those days have disappeared for now.
However, the main reason why you do not want to limit yourself to these periods is that life is just not that neat. Yes, there may be a few desperate sellers in August but there is no guarantee that you will like their properties.
The simple fact is that you should start your search for your property in London when you are ready, i.e. once you have completed all the preparations.
You never know when the ideal opportunity may appear so there is no point in trying to time it. Coincidentally I am often asked by clients how long it will take to find the right property. Again there is no definitive answer. My record is within 24 hours of speaking to the client. Of course, you may think that this was just lucky.
It was lucky for my client, but at Property Finders London we speak to over 240 estate agents a week every week and I personally inspect over a thousand properties a year (I have given up counting the number of property brochures I see). Being in the right place at the right time is a question of luck for most people, which is why most people never have the chance to buy the best opportunities.
We have a proven system which ensures that I am in the right place at the right time pretty much every time. It is not luck it is hard and often boring work. But the results cannot be questioned. As Lee Trevino once said when he was accused of being lucky: “The more I practice, the luckier I get”. Never a truer word was spoken.