How weather affects house prices
As you’ve probably noticed, we’ve had a bit of bad weather recently. First, the Beast from the East blew freezing winds and snow from Siberia, covering much of the UK in a thick blanket of snow. Then storm Emma followed hot on its heels battering the country with high winds and rain. All of which got us thinking about whether the weather has any effect on house prices.
The conclusion we’ve drawn is that yes, it does have an impact. And it might be more significant than you first thought. Cold weather can have a similarly chilly effect on house prices. And wind and rain can similarly dampen buyers’ enthusiasm. Ask any estate agent and they will tell you that it’s easier to sell a house on a sunny day. That’s because it puts people in a better mood, and shows off the house in its best possible light. That’s why it’s always a good idea to go and see a house on a miserable day if you’re thinking about buying it. That way you get a fuller picture of what it would be like to live there all year round.
Extreme weather events like we’ve had in the UK recently obviously hit the market. People and agents can’t get to viewings because the roads are too dangerous. And if that goes on for several days it starts to have an appreciable effect on the market.
But these are just short-term effects of weather. What about the bigger picture? This can have an even greater impact on house prices. The seasons of the year are closely linked to the market too. It’s always better to sell a house in the spring or summer, for the reasons mentioned above. Which means it can be a better time to buy in the winter. That’s because people prefer to move in the warmer months, when things are easier. If you’re buying, you can use the weather and season to your advantage to try and get a better deal. Arrange viewings in slower market periods and sellers will be more open to offers. And that makes winter and inclement weather your friend.
Looking even longer term, climate and microclimate has a big effect. Warmer weather is a big draw for buyers, with more sunshine hours being the big seller.
To find out more about how weather and climate affect the housing market in Norfolk, get in touch with a member of our team.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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