The festive season is fast approaching with many people hoping they will be able to celebrate it in their new home
Anyone hoping to move into a new home before Christmas might need to act fast. The property market, along with solicitors, removal companies, and mortgage lenders, slows down significantly in December for the holiday period.
In fact, Holly Andrews, Loans Manager & Director at KIS Finance , warns you need to have exchanged contracts by Friday, November 21 to ensure you’ll be able to enjoy Christmas in your new home. She explained exactly why this stage needs to be completed as soon as possible for those looking to have a quick turnaround time.
She said: “The property market changes dramatically in December, with completion timeframes extending from weeks to months. Late November represents the final cut-off point for any reasonable expectation of moving before Christmas.”
The expert said there were a number of reasons for this. She said: “This is because legal firms often operate with reduced staff during the festive period, with many closing completely between Christmas and New Year.
“This staffing situation creates a backlog of work that pushes completions into January. Securing financing takes longer in December as lenders operate with reduced capacity. Applications submitted now might face processing delays due to the looming holiday period.
“A bridging loan can be a useful tool for buyers who need to complete quickly, for example, if your chain is stuck or the mortgage offer is taking longer to process. Bridging loans provide temporary finance so you can secure your new home before your sale or mortgage is finalised, which can make the difference between moving in before Christmas or being stuck waiting until January.”
Other issues can be down to the logistics of physically moving. The expert said: “Removal companies also reach capacity early in December, with availability decreasing while demand remains high.
“This scarcity means even buyers who have exchanged contracts may struggle to complete their move. Considering mid-week completions rather than the traditional Friday increases your chances of securing removal services before the holiday period.
“Property buyers currently at the viewing stage should adjust their expectations. Starting the process now almost certainly means completion will happen after Christmas.
“However, this may actually provide advantages in terms of service availability. January and February often provide better conditions for property purchases, with more solicitor availability and less pressure on removal services.”
For more information on bridging loans or to get independent financial advice, visit the KIS Finance website.