Spring into action
Deborah Richards of Maddisons Residential reveals one of the most asked questions she receives from people at this time of year: should I buy in spring? Here the successful property entrepreneur whose business is located on The Pantiles, reveals her very interesting answer…
There was a time when the spring months were the perfect time to put one’s property on the market. This was a result of some charmingly simple reasons. The trees are newly in leaf, and everything seems fresh and exciting. The days are warmer and longer, and buyers often like to move in the summer holidays, before the start of a new school year. Life is full of hope and new beginnings…
Of course, on a more practical level, houses were also advertised predominately in estate agent’s windows, so a stroll down the high street on a warm spring day, browsing at property details was the norm. However, whilst some of these traditional reasons for selling in spring still hold true, we live in a world where 98% of property searches are now completed online – where instant information is just a click away. So, does an owner still benefit by selling in spring rather than waiting until later in the year?You might think not. We live in an uncertain world and the property market, like any other, hates uncertainty.
There is the Middle East crisis, a war in Ukraine, global warming, not to mention that 49% of the world’s population will vote this year in 64 national elections, possibly changing things globally for many years to come. Nowadays, waiting for normalisation seems a bit like chasing shadows. However, one thing I have learnt from many years in my exciting industry, is that people always need to move home. Life’s rich circle sees us marry, divorce, start families, find new jobs, and so on. And the spring months in 2024 are an excellent time to buy and sell. First, there are all the traditional reasons listed above. But now we also have a falling cost of living and an anticipated fall in mortgage rates, which will not only attract more people to the market but also make house ownership more affordable. This affordability aspect should instill a sense of optimism in potential buyers and sellers.The market certainly remains uncertain though, and one comment I frequently hear from my sellers is that they might just delay selling completely this year and instead look to next year, when the market will be ‘better’.
However, in our ever-changing economic and political climate, who can guarantee that this will happen? In the last eight years I have weathered a Brexit vote, a pandemic, a war and a cost-of-living crisis. Who knows what awaits round the corner?
Ultimately, property is both the gift that keeps on giving for its rising returns, but also a place where we rest, relax, raise our families and shelter from the storms outside. What price can one place on being in the ‘right’ home?
So in my opinion, when it comes to property, it is usually best to work with current conditions rather than kick the can down the road hoping for something better – or chasing shadows.
www.maddisonsresidential.co.uk
