Psychology of summer buyers: Why properties sell faster in June

With the official advent of summer finally here, we’re all looking forward to a summer break or two. It’s a time to sit back and boost vitamin D and serotonin levels in the sun.

But while the arrival of summer prompts many of us to book a getaway, for others the wanderlust is closer to home, igniting dreams of moving somewhere new. June is traditionally one of the best months for house-buying and it’s not hard to guess why - with several psychological triggers behind the rush to buy.

Longer daylight hours

Longer daylight hours give productivity an immediate boost. We’re less inclined to stay hidden in bed in the morning or go to bed early when it feels like the middle of the day and there’s so much opportunity to do things – whether that’s tackling the gardening or going out for evening drinks with friends.

This is important for potential buyers since it lengthens the window of opportunity for seeing a property in daylight.  It also makes moving a far easier process if it feels like there are a few extra hours in the day.

A serotonin boost

That extra serotonin kick from increased exposure to daylight is also helpful by boosting mood and decision-making. That can help buyers feel more motivated to look in the first place, as well as, ultimately, to buy.

School holidays are looming

School holidays are also fast approaching, which can be the catalyst for many family buyers to complete on purchases or to get serious about looking once school runs are off the cards for a few weeks.

This is especially important if their children will be changing schools as a result of the move and parents want to be settled before a new school year. Or it may be that with the long break ahead parents are simply wanting more space for their children to play outside or to enjoy a sunset cocktail or two.

Marginally cheaper prices

This June is also likely to be a good time for buyers as house price inflation has slowed, although its continued growth also means good news for sellers. Average London house prices rose 0.2% in the 12 months to May to £523,376 according to the latest figures from the Office for National Statistics.  Lower interest rates and mortgage rates, as well as changes around affordability, should also give buyers increased confidence to purchase in the capital.

Rightmove, meanwhile, cites a record-high availability of homes for purchase which is also helping to draw out buyers with the number of new properties coming on the market 14% ahead of this time last year. For us at Living in London, this follows a record number of properties coming to market in our first quarter.

If you’re considering making the most of the summer buying spree then it’s time to get your property on the market. Get in touch with our team for expert advice on how to make the most of the opportunities ahead!

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