For some right now, that is the question. With sober economic winds blowing and the energy crisis factors surrounding this question intensified, it is worth considering all your options as the housing market slows its climb. With interest rates and inflation rising, there are longer-term aspects to consider now within the issue. Plus, the nation’s passion for building, renovating and extending also brings some solid arguments in the case of remaining. Reasons for moving are always conditioned by personal circumstances, but it may be that in certain financial weathers, it’s best to batten down the hatches and ride out the storm.
Upsizing generally springs from an increase in earnings and a growing family, or the need for a larger space to accommodate other family members, Usually, if you have both these factors at play then making a move makes a lot of sense. Upsizing in a falling market may mean getting lucky on a property that would have been out of reach when the market was on the ascent. With a rising market and a shortage of properties, desirable detached properties became inaccessible for many due to their climbing value. However, as the market evens out between detached and semi-detached properties, there may be more selection for upsizing into a property with a large garden and more space. Plus, with the market cooling down, properties that were in high demand during the pandemic tended to only be open to cash buyers, but now will be available to those in a chain.
Factors to consider before upsizing
You may be discouraged by the prospect of your new home losing 20% of its value in a year within a falling market. In this case, staying where you are, could be worth its weight in gold. Depending on the factors motivating your move there will be a lot to evaluate. Considering if you will need to move again in the next 5 – 10 years is important, or if you are likely to have to move unexpectedly. Factor in the cost of moving estimated at around £11,777 in the UK. Would this money be better invested in developing the existing property to meet your needs for more space and better quality of life? Another new consideration on the board for upsizing is the cost of heating your new home. If it is a period house, what renovations will it need to become more energy efficient in the long haul? In times of changing financial pressures, what was desirable in one era can quickly transform into another. For some, rising energy costs have forced the question, of whether to downsize or not to downsize.
With pressures of heating and powering homes a daily concern for some Britons in the winter months, feeling snug and cosy can take priority over acquiring a large draughty atrium to hang visitors’ coats in. Downsizing has oft been inevitable for those over 55 with an empty nest where it makes sense to run a smaller household. However, it is now becoming an option for the younger generations whose aspirations and practical realities are changing. Downsizing to release cash before the market falls even further has been a trigger point for some anticipating the declining market and potential recession.
Factors to consider before downsizing
If you are downsizing to release cash bear in mind the cost of moving and stamp duty can absorb some of that released cash. Plus, as prices have risen all over the country there is a chance you will end up with a smaller property, invest the cash in renovating it, and find yourself priced out of the wider market. If you can do up an old house to sell as a finished project, then you will be able to leverage yourself in the market towards future profit and gains. Moving up in the cycle can save you from ending up in a smaller cul-de-sac of a property that has literally less space to move in and within the waves of the housing market. Moving from a beloved family home into a smaller property, there is always the potential sense of loss. It is important to be circumspect about such a move, as the older generations may not wish to move again. Taking time to consider this process carefully is wise, and to find the forever home. Luckily, storage options make downsizing an easier move to make as the process of diminishing possessions that have been built up over decades can take some time.
Best times to plan for a move
In the UK, Summer is the most popular month for a home move, August being the favoured month. Londoners like August over all the other months. Results across the nation show different moving patterns across different regions, with October being popular in the West Midlands and the Northeast. In Northern Ireland, folks spring into step in April. Spring is understandably the second most popular season for moving in as the housing market gets buoyant again, the legendary fresh start and a series of Bank Holidays to make use of for unpacking. Friday is understandably a popular day to plan a move, as it affords a long weekend to handle the transition. Spring and Autumn with their transient qualities are the best months for selling houses. Before and after the dormancy of Christmas there is a flurry of activity to get things moving in a new direction. At Anthony Ward Thomas, we design our bespoke removals packages around your work schedule so that you can ensure productivity and minimize disruption to your family’s routine, whatever the season.
Rumours of the housing crash
Despite cries of an imminent house market crash because of Brexit and then the pandemic, the housing market has remained somewhat stable over those years but now with forecasted downturns of about 5 or 6%. While rising mortgage costs and living costs set up a sobering scene for some, there is still a fundamental shortage of housing which keeps demand alive. What we are looking at is not a crash but a correction, considering that the housing market has become so inflated in recent years. It is difficult to say how long this period of correction and decline will last with so many variables at play. However, it is worth considering that other factors shaping what people are looking for in a longer-term home are also changing the play of the housing game, and it may be worth watching the developments as they change and shape the market rather than springing into sudden action.
Anthony Ward Thomas – London’s most trusted removals and storage service
Whether you decide to move or not to move, Anthony Ward Thomas provides a range of services that are always an alliance worth having. Perhaps you decide to stay and renovate or build a garden office. If you require storage as an adjunct to your expansion, we have a variety of options, plus easy, uncomplicated delivery services with our professional Man and Van team. If it is time to go up or down and change your address, our range of vehicles is designed to handle the scope of any domestic, international, or office move. Let our Tips for Moving House prepare you for the process, while our team makes plain sailing of it. For a quote and to speak with our team, contact us here.