Your Questions Answered: Should I Buy Or Sell A House In 2020?
Published: 16/03/2020
Brexit, political uncertainty and now even global medical pandemics mean many are confused as to whether 2020 is a good time to buy a house or not. Then, of course, there is the opposite consideration - should I sell a property in 2020? In this article, we will look into whether or not buying or selling property this New Year is a great or terrible idea.
So, should I buy a property this year?
In our opinion, there’s never really a ‘good’ or ‘bad’ time to get on the housing ladder. Either way, you’ll no longer be wasting your pennies away in rent, and there are always bargains to be found (especially up here in the North. Hello Liverpool!).
However, there is no doubt that Brexit and political uncertainty will affect the housing market a little - but maybe not in the way you may think.
House prices have actually been on the rise. Again, another incentive to begin looking further North, where house and flat prices have historically been much more affordable.
If you do decide that you can’t afford a home right now, we would encourage you to keep saving money towards a deposit as things could well change soon.
In December, for instance, the country must decide, once and for all, what the Brexit outcome will be. If a ‘no-deal’ Brexit occurs, it’s very likely that house prices will drop. Accountancy firm KPMG believes house prices would fall by around 6% if no deal is agreed. This could drop to 20% in a worst-case scenario, says consumer rights magazine Which?. That means some big bargains could be right around the corner!
Advice for first-time buyers and others looking to purchase a property:
Should I sell my house this year?
Yes! There is nothing to suggest the market is slowing up. In fact, house prices have been on the rise.
You may want to consider the period you put your home on the market though.
Traditionally, Spring has always been thought to be the best time of the year to sell a property and indeed it remains a good period to do so. According to property selling advice service The Advisory, mid-February to June is the best period of the year to sell. Likewise, July and October are also generally well-performing months.
The average property sale in March takes 57 days, according to research carried out in conjunction with Rightmove, while October-November sees this increase to 79 days.
Spring purchases tend to be popular as buyers are keen to get into their new homes for the warmer months. Meanwhile, in July and October, buyers hope to move in by Christmas time.
If you are selling a family home, such as a three or four bedroom property, opt for times outside of school holidays. This is the slowest time to sell this type of home.
Advice for those wanting to sell a property:
Who are GWlegal?
GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.
If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us on discuss@gw.legal with your question.
Who are GWlegal? We’re a national firm with local values.
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