THE PRICE IS NICE

January may be dreary but it’s the best month to snap up a bargain, says Angela Epstein

The January sales can be a dispiriting business, but not if you’re looking for a new home. According to experts, now is the time to start your property hunt and use the post-festive lull to bag a bargain.

This is especially the case this year, as there’s an air of uncertainty around 2017 property market forecasts, with suggestions of rising house prices, due to an ongoing lack of supply and increased demand.

‘Properties that are listed at the end of the year — the low season — and sold during the Yuletide period or at the beginning of the following year will often sell for the best prices,’ says Jonathan Daines, managing director of lettingaproperty.com.

Throw in the surge of divorce inquiries, which traditionally peak around this time of year, and you might just get lucky.

Sober January gives time for surfing the internet and checking out property portals, too.

‘Identify properties on sites such as Rightmove, Zoopla or Primelocation,’ says local YOPA agent Matthew Cooke in London. ‘From there you can determine those with the better probability for heavy discounts by knowing the sellers in the most hurried position.’ Some websites will tell you how long the property has been on the market for, whether it has already been reduced, and how long ago the price cut was made.

Other areas to explore for potential bargains include previously sold new-build plots.

‘The developer will have already benefited from the 10 per cent deposit that the original buyer provided — therefore, there are opportunities for some hard negotiations,’ says lawyer Kerry Sharples, a conveyancing expert at Gorvins Solicitors in Stockport, Greater Manchester. ‘But be aware that you’ll be required to exchange and complete within a very narrow window, usually 28 days from confirmed offer or even less, as the developer will want to lock down the deal — especially if the property is half built.’

This is a good time of year to haggle over properties available through probate — the legal process through which a will is ‘proved’ in court and accepted as valid.

Often these are in need of repair and the beneficiaries may already own their own home and be more interested in cashing in from the sale. January auctions could also be a good place to pick up a deal.

But Kerry Sharples has a warning. ‘Before you exchange contracts, ask your solicitor or conveyancer to check the Auction Pack (legal title) of the property to make sure there are no title defects that are likely to be an issue on resale or prevent lending on the property,’ she says.

‘Research comparable properties for sale in the local area,’ adds Matthew Cooke. ‘If one of those is on the market at, say £20,000 less than the home you’re after, or priced similarly but been on the market some time, this gives you solid ground to negotiate.

Be bold enough to make a low offer — especially if your position is cash or chain free.’