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22nd Sep 2023|Sales|New Homes|

Christmas In Your First Home – Why Now Is The Time To Buy

Looking to move into your first home by Christmas, but haven’t purchased a property before? Don’t fret – you’re in a uniquely advantageous position that lends itself well to a smooth purchase this festive season! Here’s how to make your dream of Christmas in your first home a reality!

Moving In Time For Christmas

But first, how much time does it take to move? In 2022, Rightmove suggested that it took 150 days to move from offer acceptance to exchange and completion, with the remaining Covid backlogs having a significant impact on the time it took to move forward with a sale or purchase. However, things seem to be improving in 2023. New data suggests that the average time it takes to move from offer acceptance to completion was 79. This takes into account 65 days for exchange, and a further 14 days for completion. This is a dramatic reduction since 2022, and means that if you are considering purchasing a home in time for Christmas and New Year, you could have an offer accepted in September or October and still be in your new home by the festive season.

First-Time Buyer? You’re In Luck!

Being a first-time buyer can certainly feel daunting, but actually comes with more than a few benefits that can make your purchase simpler, quicker and cheaper. Here are three reasons why first-time buyers are in a particularly enviable buying position as we approach the festive season…

You’re More Desirable To Vendors

As many first-time buyers are not part of a chain, there is a significantly reduced risk of the purchase of a property falling through due to issues with the sale of the purchaser’s property. This makes first-time purchasers far more desirable to vendors, as they are associated with more secure sales.

Furthermore, many vendors are keen to sell to first-time buyers as they tend to be more keen and proactive. The excitement and seriousness of purchasing their first home makes first-time buyers particularly diligent, which can in-turn lead to a more successful sale. So, if you’re hoping to move by Christmas, don’t be afraid to inform the vendors of properties you are interested in that you are a chain-free first-time purchaser.

Property Is Cheaper To Buy

First-time buyers benefit from a variety of money saving schemes that can drastically reduce the cost of purchasing a property. 

  • Stamp Duty Land Tax does not need to be paid by first-time buyers so long as their property purchase is below £425,000.
  • When it comes to saving for a deposit, prospective buyers can utilise a LISA which can add up to £1,000 to their deposit savings each year.
  • First-time buyers are eligible for the first home scheme, which provides up to 30% off the price of eligible homes.

Find out more about what is available for first-time buyers here.

The Purchasing Process Is Quicker 

As mentioned above, first-time buyers are typically not part of a chain, meaning that they don’t have to sell a property in order to purchase a new one. Instead, a first-time buyer will typically have a deposit and mortgage in principle ready for their first purchase, meaning that they simply need to wait for the transfer of funds from their bank in order to move from exchange to completion. This can significantly slice the amount of time it takes to finish a property purchase.

Why Move Before Christmas?

Not sure that a move before the festive season is right for you? Or are you considering deferring your property search until 2024? It may be wiser for first-time buyers to take advantage of the early Autumn property market and make a move before Christmas rather than waiting…

Firstly, it is key to note that we are currently experiencing a slight dip in property prices as we approach Christmas. According to Halifax, property prices in August 2023 were 4.3% lower than in August 2022 as the property market seeks to correct itself after months and years of increasing prices. However, property prices are set to increase in 2024 according to Savills, meaning that this dip in property prices is likely temporary. It would be sensible to take advantage of such competitive prices while they are low.

Similarly, studies suggest that the period of time between Boxing Day and New Year’s Day is among the busiest for property portals as eager home movers search with their family and friends for their next home. This contributes to a January rush that can make it hard for first-time buyers to secure viewings or snap up the property they want. As such, securing a home before Christmas may be wise for those looking for a less stressful buying journey.

This isn’t to mention the ease of completing a property purchase in time for the festive season. Many property purchasers who wait until too late in the year to secure a home can become frustrated by seasonal closing times for agents, solicitors and conveyancers that cause delays to their purchase. Securing a sale in advance of Christmas can help you avoid these delays and gives you the greatest Christmas gift of all – your very first home!

Move Into Your First Ho-Ho-Home With Centrick!

Planning a move in time for Christmas? Look no further than Centrick!

You are sure to find a home you love among our wide range of properties. From shiny new build developments to characterful resale properties, we have a home for every type of buyer – especially first-time buyers! We understand that buying your first property is equal parts daunting and thrilling, which is why our helpful team is available every step of the way to expedite your property purchase. 

For more information on how to buy your first home, check out our First Time At Home hub. Alternatively, get in touch with our team by filling out the form below:

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