With inflation rising at an alarming rate and the cost of living crisis affecting everyone in the UK it is no surprise that lots of homeowners are having second thoughts about their plans to move.
So should you hold off on moving?… The short answer is no. If you are looking to take a step up with your move then now can be an even better time to buy than ever. While the property you’re selling may be worth slightly less than it might’ve done a few months ago, this will most likely be the case for the home you’re stepping up to.
As house prices start to rebalance you may be in a stronger position when looking at your onward purchase.
Over the last couple of years, there were alot more people looking for property than there were properties on the market. Simply put, the supply was not enough to cope with the demand. However, while there are now additional economic factors to be aware of, there was a sharp increase of houses coming onto the market in the second half of 2022 meaning stock levels are much higher than they have been for the last 2 years.
This means you have much more choice when it comes to searching for a new property.
Another thing to consider is that buying a property is a long-term decision and with the average tenure of homeowners estimated to be around 17 years, a home purchase isn’t a short-term commitment, but rather a reliable, long-term asset class. Wider economic headwinds have always fluctuated during the average timeframe a person owns their property.
There are of course steps you can take and people you can talk to that can look at your situation and the property you are looking at and help you to make an informed decision.
Talk to your local agent, they can look at all the variables and use their experience in the property sector to advise you appropriately.
