With soaring inflation and the rising cost of living creating economic uncertainty, it’s no surprise that many people are thinking even more carefully about whether now is the right time to move. So, if you’re thinking about looking for a new home, is now the right time?
Regardless of the macro-economic climate, which can and will continue to change, some people will always need to move for a variety of reasons. Everyone’s personal circumstances are different, but if you’re in a position where you have to move and can still afford to do so, this is still the right time for you to start looking.
For some movers, if you’re a second-stepper or upsizing significantly for example, markets like this can sometimes be a better time to move. While the property you’re selling may be worth slightly less than it might’ve done a few months ago, this will most likely be the case for the home you’re stepping up to. Therefore, as the trading gap is narrower with house prices starting to rebalance, you could be at an advantage, especially when considering your onward purchase.
Over the last couple of years, the imbalance of supply compared to demand has impacted movers who faced limited stock and property choices. However, while there are now additional economic factors to be aware of, it’s worth bearing in mind that throughout the second half of 2022, there was a marked increase in new instructions coming to the market for sale and as a result stock levels are higher than they were just a few months ago. There’s more choice now than there previously was if you’re a buyer looking for a property, meaning it’s likely you’ll be able to pick from a wider range of suitable properties when looking for your next purchase.
Given the current economic climate, it’s understandable doubt may start to creep in if you do decide to get the ball rolling on your search, which may make you question again the decision to go ahead. If this happens, one thing to remember is this; once you’ve decided to buy a property and feel it’s the right one for you, unless you can no longer afford it, it’ll still be the right property for you regardless of other external factors.
Buying a property is a long-term decision and with the average tenure of homeowners estimated to be around 17 years, a home purchase isn’t a short-term scenario, but rather a reliable, long-term asset class. Wider economic headwinds have always fluctuated during the average timeframe a person owns their property.
Most importantly, in any market you should remember the emotional aspect of moving home along with the convenience and lifestyle that it gives you. Therefore, in the long term, small fluctuations in a property’s value will be less significant than the emotional value attached to it being your home. So, unless you can now no longer afford to move, if you find a property you love and your reason for moving hasn’t changed, your decision shouldn’t be affected by temporary market conditions. Keep in mind the long term emotional, practical and personal value moving home will have.
Another thing to remember when starting the moving process is that now, more than ever, it’s important to get the advice of a local agent who really knows the market and can price realistically to keep things moving.
As well as the invaluable advice of an experienced local agent, here at OnTheMarket we also have tools to support you with your next move and help you find the place that’s right for you in any market.
If you do decide now is the time to look for your next property, we have a host of tools to give you an edge in your search. We feature thousands of properties every month, 24 hours or more before they’re advertised on Rightmove or Zoopla. These properties are labelled as Only With Us when they appear as part of your search results, so make sure to keep an eye out for these properties so you can get ahead of the competition and show your interest in these homes before they appear on Rightmove or Zoopla.
Our Wish List tool is another feature that could assist you once you’ve made up your mind to move, helping you find a home that meets your unique needs and wants when moving. You can easily find the most appropriate properties for you by entering up to five features, whether they be essentials or nice to haves, like a driveway or study. We’ll then show you the homes that best meet your needs with these features, helping you get the most out of your search.
Get started with your property search here.
Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.
