Is now the right time to be selling your Cheadle home?
Another new Prime Minister is now in residence (for this week at least!) but there is still an air of uncertainty as to what lies ahead. The rising interest rates and spiralling costs of everything including mortgage payments have certainly brought the property market back down to earth with a bump, although it is nowhere near as bad as some press and media outlets would have you believe.
In any decisions you make you are no doubt considering all the options, especially when it comes to your home. There are many reasons why people decide to sell: it could be steered by financial reasons or emotional – a desire to move closer to family has been extremely popular since the pandemic. It can also be work related, maybe you want to be in the catchment for a particular school. Perhaps you are upsizing? Or have a desire to downsize and reduce cost. Whatever your motivation, it certainly needs careful consideration at this moment in time.
The current market
In Cheadle and the surrounding areas, such as Gatley, Cheadle Hulme, Heald Green, Cheadle Heath and Edgeley, the market has slowed but remains stable at the moment – we sold five properties last week and five the week before that! However, many experts do warn that house prices could drop next year. This is said to be due to the recent ill-fated mini budget causing financial instability combined with the accelerated interest rate hikes by the Bank of England. This in turn saw the rise in mortgage rates making the idea of buying a home or moving more unattractive and, for some, unattainable.
The Council for Licensed Conveyancers has stated that: “the economic outlook for the UK is uncertain,” adding that “the global economy is challenging and the pressures on UK businesses and citizens are well known.” They are predicting a 40% drop in conveyancing transactions year-on-year, which means the number of homes completing is expected to decrease.
This may all sound like doom and gloom, but as history has shown us, things can change and there are always regional variations. The reversal of much of the mini budget by the new Chancellor, Jeremy Hunt, could bring back some stability and see some confidence return to the markets. It is also worth remembering that the recent changes to Stamp Duty, were kept in place by Hunt, so there is some slight respite for beleaguered buyers. There is no doubt you will be taking the state of the economy and housing market into account in your decision to move. You may wish to sell now in case prices fall or wish to wait to see what the new year brings.
One thing we will always provide you with is an honest assessment of where the market is to help you make sure moving is the right thing to do and is financially viable, before you put your home on the market.
You’re financially stretched
There is no doubt that the impact of the cost-of-living crisis has started to bite, and the ongoing costs of owning your own home could be making you consider whether a move would relieve the strain. You could be considering whether a move could make you mortgage free, or you may wish to take advantage of the equity in your home.
You should always investigate all options before you decide that selling your home is the right decision, and if mortgage payments are starting to pinch, please speak to your mortgage provider first to see what support they can offer. Don’t be making rushed decisions now without understanding what support is available, as it may provide you with the reassurance you need for the winter months.
If you are looking to sell for financial reasons, have a chat with your mortgage broker or financial adviser first, to make sure your plans give you the outcome you are expecting.
For practical reasons
There could be a number of practical reasons why now is the right time for a move, for example if there is an issue with space. You could be living in a family home where the nest is now empty and you find yourself living in only a small number of rooms. Although your property holds many memories, it just feels too big and empty now, and the idea of a smaller more manageable and less expensive home is very attractive.
Or you could be struggling with the opposite problem in that you have outgrown your space and your family are living on top of each other. Living in a home you have outgrown can bring its own stresses, and therefore the need for more space outweighs how the property market is performing. Having loved ones close, to help and support each other, has become a more popular reason for moving for many, even as the cost of living tightens, families want their relatives close.
Don’t make a snap decision
It is important to make sure you don’t make a snap decision, even if you know the time is right to sell your home, do your research so you know what to expect. At Maurice Kilbride are always here to discuss all the options open to you, and provide sensible, practical and honest advice – even if that is to wait rather than sell at this time.
Should your desire to sell your home be due to the current market, financial reasons or practical ones, we are here are to support your move. Call Joe, Patrick or Maurice on 0161 428 3663, e-mail firstname.lastname@example.org or why not pop into our busy Cheadle High Street office for a chat. Alternatively, you can book a FREE no obligation market appraisal by following the link below Book a FREE valuation
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