Should I Buy A 3-Bed Apartment In London Around Christmas?
For some, the thought of buying a 3-bed London apartment around Christmas would be incredibly stressful…
However, buying a 3-bed apartment around Christmas is increasingly popular…
A large number of physical viewings and subsequent purchases and sales take place throughout the Spring months of March, April and May.
This is because 3-bed apartments generally look better with better weather and surroundings and thus maximise their appeal to potential buyers.
Looking to buy during the spring months also gives potential buyers lots of time to transact and move into their new apartment before the start of the school year in September.
On the other hand, the asking prices for 3-bed apartments in London can increase slightly during these times because of increased buyers looking for the same kind of 3-bed apartment (say, a first-floor flat) in the same kind of area.
Back to buying near Christmas…
Looking at the transaction from the side of the seller, a lot of sellers are usually incredibly keen to agree a sale prior to Christmas…
This is simply because they can enjoy Christmas amongst family and friends in their new 3-bed property, too…
That way, their Christmas is far less stressful!
Also, sellers can be against putting their 3-bed apartments on the market over Winter and the Christmas period…
With Christmas approaching and with sellers often more desperate to secure a sale, many sellers will set lower asking prices in comparison to the current market.
In terms of looking at the transaction from the side of the buyer, there is often less demand from home buyers, due to the fact that the school year has begun in September and the chances of a family looking for a new apartment is much lower.
This lower buyer competition can mean that there are potentially some really good deals to be had, especially if the seller is selling because of the ‘three Ds’ - death, debt and divorce.
This, however, can also mean that there will be fewer prime 3-bed apartments on the market…
“That way their Christmas is far less stressful.”
As always, it comes down to supply and demand, and the affordability of money…
If there are more buyers than apartments available, prices typically go up…
If there are more apartments available than buyers looking, prices typically go down…
Have a look at recently sold prices and work out what the maximum number, in terms of price, is that you’re willing to go to…
Each 3-bed apartment purchase is entirely unique and unique to you, the buyer…
Take your time…
Don’t rush…
Have you ever considered putting in an offer or buying a 3-bed apartment around Christmas?