Following another rise in the Bank of England base rate, and reports of falling house prices, is now the time to move house? As with any market, the answer is probably down to whether it’s the right time for you.
Latest figures from property website Rightmove, show a UK average month-on-month price fall of £905 in July, but for many commentators this is more of a correction to the previous frenzied market than a full-on slump.
The advice is, if you want to move, be realistic in your pricing. And with volatile mortgage rates, be conscious of affordability, if you need a bigger loan to afford your new place.
For Tim Bannister of Rightmove: “The key for sellers who know what they can afford and are coming to market right now is that they need listen to their agent and price realistically for this more normal market. Pricing right first time will help sellers have the best chance of finding a buyer.”
If you are looking to move up the property ladder, there are benefits to be found in the current market – less competition for every home being one.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Says Tim Bannister, movers “could also find that there is more room for negotiation than a year ago on the home they want to trade up to.”
According to Richard Donnell, of property website Zoopla it is also worth remembering that summer isn’t usually the optimal time to sell: “If you are serious about moving in 2023 then you should chat to an agent about the value of your home and get tips on the current market and how to get your home ready to list in September.”
Read more on the Independent website.
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