Downsizing is no longer something that you do when you pay off your mortgage and your family has all grown up and fled the nest! Young people are also downsizing, and it has become a bit of a trend, helped in no small part by the cost-of-living crisis and the rapid growth of property prices in recent years. This is helping to keep smaller house prices strong because, while larger homes are desirable, they are not in demand quite as much. But it’s not all about numbers—people are downsizing for a host of reasons, so what are they?

Liberating your life
Downsizing can be a liberating experience. You get to move to a more compact home, and because of this, you need to declutter. It’s a bit like giving your life a good spring cleaning. Finally, you can say goodbye to all those belongings that you no longer need or want. You have probably forgotten why you bought some of these things in the first place! On the other hand, you will want to keep other, more sentimental items and the things that still mean something to you or are at the very least useful. This helps refocus your life and allows you to concentrate on what’s important.

What’s important to you?
If you have retired and you want to enjoy your life, then releasing the equity in your home by selling up and moving to something smaller makes a lot of sense. You can’t take it with you! Having worked hard most of your life, you want to live it to the fullest. This principle applies to the younger demographic too. Many people view life a little differently than in the past and place a lot of emphasis on the adventure of life. Travelling, holidays, socialising, and hobbies are as important as paying a mortgage.

Easy living
Less cleaning, maintenance, and effort required to keep your home in order is a tempting prospect for many. Decorating your home is easier, and perhaps an emphasis on quality in place of size sways some home movers to enjoy more compact spaces that are accessorised to the standards they desire.

Lower living costs
When all is said and done, the fact remains that smaller homes tend to cost less to run. Cheaper energy bills will save you money, and you will most likely pay less in council tax. Your mortgage payments could also be lower. If you are downsizing from a bigger property and have good levels of equity in your current home, you could become mortgage-free or reduce its term significantly.

It’s important to plan
Careful planning is a good idea. You may need to change your furniture, and saying goodbye to certain items can be emotional. Consider all aspects of your new life. From family visits to spare rooms to space for your hobbies. A good tip is to use your floor plan to work out what is going where in as much detail as possible. Then enjoy your new life with a little more money and time to concentrate on your newfound freedom!

Are you interested in downsizing or moving to a bigger property? Get in touch today.

 

Average house prices in the UK have since the pandemic risen by £42,000.* The value of your home has increased rapidly in recent years, and this puts you in a great place even if there has been a bit of a slowdown, but then you could be forgiven for asking: What slowdown? House prices are stable and, at times, increasing, and to gauge the market by the unpresented growth in the past few years is a little unfair. Nonetheless, most of the value gained, or in some cases, the continued increase in value still exists as equity in your home. Even if you have lost a little value, you are still in a good place. A little bit of market cooling leaves more scope for getting your hands on the keys to a better home with a bigger discount without the frantic price bidding of past years.

The home improvement boom
It’s no secret that many homes had thousands spent on them during the pandemic. Many people, due to travel restrictions, chose to spend money on their homes instead of holidays. As a result, many homes are now in beautiful condition. Freshly decorated with external and internal renovations, resulting in homes with great work-from-home spaces and outdoor living areas that are ready and waiting to be lived in. This really does make a huge difference in the quality of your home and work-life balance. Homes with kitchens that inspire you, gardens that take your breath away, and bathrooms boasting cutting-edge design.

More mortgage choice
Mortgage choice is returning to the market, with thousands of options now available. So in essence, you will have a lot of decisions to make when it comes to what home you want and what mortgage you require. In many ways, all of this makes the prospect of moving very interesting compared with past years. Some home buyers are choosing to take interest-only mortgages, knowing they can overpay their mortgages, which releases some of the pressure on financial commitments.

Interest rates
Mortgage interest rates are falling, and the recent announcement of the IMF (International Monetary Fund) suggests that interest rates could return to pre-pandemic levels. ** The suggestion is that the high interest rates that many of us are paying at the moment are not a long-term deal. It could be the case, and it’s accepted by many analysts, that in the not-too-distant future, we will be paying less for our mortgages.

A bigger selection of homes
Compared to last year, the stock of homes for sale in the UK has been boosted by 60%.* The spring market is rapidly becoming the summer market. And perhaps the enticing thought of moving to a perfect home in time for summer is too much to resist for some home movers. As home movers take the plunge, they put their homes on the market, adding to the splendid choice for you to explore. The market is in a better place than last year in many ways, but at last you can enjoy it without being flustered by a frantic rush to get your hands on the home you truly love.

Live the life you deserve by finding the home you love living in! Start your search now and browse our properties.

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Buying a new build is becoming more appealing for many home buyers. While you may prefer the charm and character of older properties, many new builds seem to offer much more personality than in past years. Making your decision is not quite as straight-forward as it once was! There are many good reasons for choosing a new build home, so what are they?

Guarantees
Most new builds are sold with warranties of up to ten years. This protects you against any nasty surprises and unexpected costs. You certainly will not have to worry about plumbing or rewiring issues. Not to mention the stairs or reskimming walls compared with redecorating an older property.

Lower maintenance costs
Even after a few years of living in your new home, chances are you will not have anything to repair or maintain. Insulation, upgrading the boiler, even if you are contemplating fitting solar panels, you might find that these could be fitted before you move in. In the garden, you will only ever need to add to what is most likely quite basic; compare this to landscaping or the removal of an old patio or decking, and already you have saved significantly in costs.

Design it to your specifications
Often, new build homes are not built before you move in! This means you can decide on things like kitchen design, tiling and colour schemes for the bathroom, and the locations of sockets. You will most likely get options for landscaping the garden too.

Energy efficiency
Most new builds have good EPC (Energy Performance Certificate) ratings of A and B, making your monthly energy bills cheaper than those of some older homes, which achieve less energy efficiency. That’s not to say you can’t find an older home with a good rating, and energy consumption will also depend heavily on the energy ratings of your appliances.

The appeal of a brand-new home
A bit like buying a new car, for some people, owning a home that nobody else has lived in is an appealing prospect. You will be the first to enjoy everything that is brand new, from floor to ceiling, not to mention the new kitchen and bathroom. This will make it feel a bit more exclusive, but on the other hand, often new builds are part of larger developments and are quite similar even if created to your own specifications.

No chain
Another big advantage of buying a new build is that it's chain-free. That means you could spend less time waiting to move in, provided you have the financing in place. That said, there is no guarantee that this will be a faster process. It largely depends on how quickly your new home is built. And that depends on how soon you purchase it!

With no resident seller, rely on your agent
A good move to make for added peace of mind is to buy through a trusted agent. The home-moving process can be stressful, and with no resident seller, you want to rely on an established and experienced team you can trust.

Are you thinking more and more about buying a new build? Get in touch to see how we can help.

 

Homes for first-time buyers, typically with two bedrooms, are selling exceptionally well right now. In March 2023, they were just 4% down on 2019, and average asking prices for the same period were down by just £500.*

The market for larger homes is a little slower, with sales agreed in March being 10% down on 2019 and second-stepper homes being 13% down.* This tells us that the market is in pretty good shape overall, but what is more obvious is that now is a great time to ascend the property ladder.

If you own a home that is suitable for first-time buyers, with two bedrooms or along the lines of a compact starter home, you will get a great price, and with larger homes selling a little lower than current asking prices, you are likely to get an offer accepted that will save you a bit of money.

Why is your starter home in such high demand?
There are many reasons why demand for smaller, more compact homes is high right now. There is the price of energy and the cost-of-living crisis. First-time buyers are looking to get on the ladder before the mortgage guarantee scheme, which makes it possible for first-time buyers to buy with a 5% deposit and is due to end in December this year. It stands to reason that smaller homes are cheaper to run, with less council tax and less maintenance, although this is not always the case. And with people downsizing to smaller homes, chances are that if you want to sell up, it will not take long before you are on the move.

How can you get more house per property pound if you buy bigger?
The short answer is that smaller homes are selling more quickly than larger homes, so the price of smaller homes is stronger, leading to less scope for negotiation. With asking prices for larger homes not quite as strong as those for smaller homes, you are essentially getting more house for your money. It stands to reason that if you find a bigger home and it’s taking a little longer to sell, and with asking prices achieved at a lower rate than those of smaller homes, you already have one foot in the front door. Bring your haggling hat; there is nothing more annoying than ridiculously low offers that will only get rejected. But there is more scope for a reasonable amount of manoeuvring on price.

The market will bounce back, and that bigger house may become out of reach!
Many analysts expect house prices to rise quite steadily in 2024. In March, average property prices rose by 0.8%.* This could be a sign that buyers now realise that now is a good time to move, and it is a sure sign that the market is healthy and stable. Without a crystal ball, the future is impossible to predict, but you might find that in the near future, larger homes will become out of reach as prices start to ascend more rapidly.

Interest rates
It’s no secret that interest rates are on people's minds right now. However, with the recent announcement of the IMF (International Monetary Fund), which predicts interest rates to fall back to pre-pandemic levels. Mortgage interest rates are on the way down, and with many analysts suggesting that they may return to much lower rates, when buying a home, you could consider higher interest rates to be temporary.

Conclusion
Perhaps the best thing to do is to check out the market and see what you can find. The joy of property hunting is that you never know what you might find. There are no fixed rules, but you might be surprised at what you could achieve.

Looking for a bigger home? Looking for a more energy-efficient home? Looking to sell your home? Get in touch, whatever your property needs are!

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