There has been a flurry of transactions over recent months due to the stamp duty holiday, but where has all this activity come from?
A report claims that recent activity has been down to families wanting to upsize, as well as investor activity.
Wanting to move into a larger home post-pandemic is not uncommon. The price paid by an ‘upsizer’ in the second quarter of this year was up 10% to an average of £418,000, whilst the average for investors also increased to a figure of £205,000.*
First-time buyers have also been active due to increasingly competitive mortgage rates. This was helped by the fact that many were able to save more over the pandemic, giving them a greater amount of disposable income to put towards their house purchase.
Despite the extreme market conditions, this shows that it is achievable for first-time buyers to get onto the property ladder.
Upsizing is one of the main factors currently influencing people’s decision to move. If you’re looking to upsize from your current property, here are some things to think about...
1) Can you afford to move?
Working out the affordability of a property can be difficult. The main factors to think about are how much of your mortgage you have paid off and if the money you have left will pay for a 10% deposit.
If you’re not in a rush to move, then overpaying on your mortgage can be a great way to get more equity from your home.
2) Get more for your money
You will be able to get the most for your money if you look at several different areas.
If you want to get the most out of your money, a fixer-upper is a great idea. It’s an affordable option, as well as lending you the opportunity to make the property your own.
3) Think resale value
The last thing you want when you come to move on again is to struggle selling your home.
Think about increased transport links and facilities that would make a property desirable.
Planning for the future is important when buying a house, so make sure it will accommodate your future needs as well as your current ones.
4) Will you be able to take care of a bigger home?
Owning a bigger home will come with its downsides.
These may include increased heating bills or the need for additional furniture. A bigger home may also require more work to maintain and repair, especially if you’re taking on a project property.
If you’re looking to move, let us help you! Request a free valuation today.