We’ve all seen the headlines on the cost of living crisis and certainly most of us have, at the least, put some thought to how we can reduce our expenses.
Who hasn’t seen the cost of their weekly shopping bills increasing along with things like gas, electricity and fuel costs?
So, how has this been impacting on the housing market?
Well, the market is still strong at the moment and there are a few reasons for this.
The strong market is mostly the result of the near two-year hiatus caused by the Covid pandemic.
This period saw people stay longer than originally intended in their own properties, perhaps undertaking DIY projects, and first time buyers either putting off the decision to purchase a property until the pandemic was over or finding it difficult to get on the property ladder because there were so few properties on the market.
Many of these people are still waiting for the right opportunity to buy.
For new homes, there is a similar story in relation to supply.
Home builders haven’t been able to build as many homes as they would normally because of difficulties buying materials and their costs increasing.
This in itself has encouraged people to look at older properties instead of buying new.
It can also take a while for economic changes to reach personal finances.
For instance, people may have fixed-term mortgages in place or have fixed prices for their utility bills.
As a result, demand for property is still high.
Sellers can still expect a high number of viewers for their properties and a significant number of properties go to a closing date.
However, no-one has a crystal ball.
There are a number of things to consider if you are planning to move home over the next 12 months.
You need to think about what you can realistically afford for your mortgage and other necessities, such as food and utility bills, and how these may increase due to inflation.
You should also have a think about what you can do to keep these costs to a minimum, such as shopping around for home and life insurance, making sure you switch to eco-light bulbs, switching appliances off at night etc.
You should also think about getting quotes from at least three contractors before agreeing to get any works done to your new home.
For a lot of people, there is a lot to think about in terms of costs over the coming months and year ahead, but the good news is that this is a great time to sell your property.
If you would like advice on your options for moving home, mortgages, legal advice, utilities, or even contractors, then give us a call at The Home Hub on 01355 206 860.
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