5 reasons why November is by far the best month of the year to buy a property in Westminster or Pimlico

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It’s the time of the year when many of us start thinking about Christmas shopping.

If you are one of those organised people, you may even have a few items already bought in the sales from the previous year and hidden them away in the wardrobe. We all know that the best time to buy anything is after Christmas when many items go on sale.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]But when is the best time to buy a property, especially in the areas of Pimlico and Westminster?

We know (from over 30 years’ experience) that it’s in November, and here is why:[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

1. There is usually a lack of buyers around in November and therefore less competition than at other times of the year. Prices tend to hold firm when there are a number of buyers on the scene and worse still, can be forced up under competition if more than one buyer badly wants the property and bids are made above the asking price.
2. The vendor will have lower expectations of either finding a buyer and/or achieving the best-possible price in November. Having been waiting to sell his property for several months, he may now begin to lose heart.
3. As a result, and with the Christmas/New Year break looming, the vendor is more likely to accept a lower offer.
4.  If a buyer is in a position to agree a sale, he/she can offer to exchange contracts promptly (ie. before the Christmas break). This will be attractive to the vendor as it will put his mind at rest. Although the sale will not necessarily complete before the New Year, the buyer will have secured the property at an ‘end-of-year’ price, rather than at a ‘New Year’ price, which is traditionally higher – especially in the mind and expectation of the average vendor.
5. All these factors mean the buyer is more likely to pick up a bargain and achieve a speedy exchange of contracts, without encountering competition from any other would-be buyer.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Convinced?[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Here are our 5 tips on how to go about buying for your best chance of success:

1. Make sure you are in a good position and therefore attractive as a potential buyer
2. Ideally you will not have a property to sell, and can demonstrate you have funds in the bank
3. Have your mortgage in place – with a loan deal ‘agreed in principle’
4. Have an efficient solicitor standing by to act for you promptly
5. When you find the property you want to buy:-

• Make a low offer and be ready to confirm the above points
• Offer to exchange contracts before Christmas
• Offer to complete in early January.

Once exchange of contracts has taken place, both parties will know they have definitely ‘bought’ and ‘sold’ and can relax over the Festive season. Even the solicitors will be able to relax over Christmas and be happy!

For more information, please call our team or send us an email.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]