Should I be Moving now?

We have seen some very uncertain times over the last couple of years. We have all struggled through a Pandemic, we have witnessed War break out in Ukraine and now we have a rather uncertain economy with the Cost of Living Crisis, taking its toll on us all. Liz Truss was the shortest ever serving Prime Minister in our history and now with Rishi Sunak taking the helm hopefully this will, at the very least, bring us some much needed stability.

What does all this mean to Home Owners who want to sell and to the Buyers who want to Buy? Is now a good time to move? The recent years have seen house prices increase by eye watering amounts but it is said they are now starting to fall mainly due to soaring inflation and soaring interest rates.

According to *Zoopla, one in four sellers are reducing their asking prices and 11% of homes have had their prices cut by more than 5% since September. The Government, in an effort to support the market, slashed Stamp Duty rates (SDLT) in their mini budget for certain Buyers until 2025 but is this enough to still tempt people?

You could say that for some, especially First Time Buyers (FTB) the decline in house prices will make it more affordable and as a bonus, until 2025 they will also save on SDLT under the current rates. Perhaps another incentive to buy may be that whilst house prices fall, rent is actually increasing and a buyer may find their rent payments are higher than what their mortgage payments might be.

Traditionally Spring tends to be a time where more houses are available and it tends to go quieter at the end of the year with less houses on the market. In terms of Conveyancing, the pre-Christmas rush is not unusual to see and it tends to be a busy time of year. Many Clients wish to see Christmas and the New Year in by being settled in their new home but is there still some uncertainty looming over the housing market? Not surprisingly however, the market still has some momentum although you could argue that when the Bank of England raised the base rate to 3% on the 3^rd November, it didn’t exactly help.

It will depend on your own personal circumstances as to whether now is a good time to move for you. If the move is long term and the mortgage payments are not a concern then buying now might make sense. Short term investments will always be at the mercy of the market but that is true at any time.

We are here to discuss and help you with all of your Conveyancing needs. Feel free to get in touch with our teams across Leicestershire and Warwickshire so that we can discuss your needs or answer any questions you may have.

We have Conveyancers in Hinckley, Stoney Stanton and Leamington Spa.

* https://www.theguardian.com/money/2022/nov/28/uk-homeowners-forced-to-settle-for-below-asking-price-zoopla-says