Property Review - May 2024
Thank you Howard Davis for writing this article. Howard is Managing Directory of Howard Independent East Agents.
Chasing Shadows
Everyone enjoys some spring sunshine. Here, Howard considers whether this is an excellent time to buy and sell property.
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, new and exciting; the days are warmer and longer, and buyers often like to move in by the summer holidays or before the start of a new school year. Life is full of hope. Whilst these traditional reasons for selling in spring still hold true, there are now many additional and sometimes less prosaic reasons to trigger a sale and purchase.
Why could an owner benefit by selling this spring rather than later in the year?
We live in an uncertain world. The Middle East, Ukraine, global warming, not to mention 49% of the world’s population voting this year in 64 national elections - possibly changing things globally for years to come. Nowadays, waiting for normalisation seems a bit like chasing shadows. Whichever way you cut it, uncertainty surrounds us, and the property market, like any other, hates uncertainty.
So, are the spring months in 2024 an excellent time to buy and sell?
They are a brilliant time to buy and sell. First, there are all the traditional reasons. But now we have a falling cost of living and potentially mortgage rates which will not only attract more people to the market but also make house ownership more affordable. This affordability aspect should instil a sense of optimism in potential buyers and sellers.
In property, it is usually best to work with current conditions than kick the can down the road hoping for something better – or chasing shadows.
