Moving House in a Static Market
Moving house is listed as one of the most stressful things we do in our lifetime. In the current market environment, where the housing market has become static, levels of stress are not surprisingly amplified.
The main factor driving the current market environment is the supply of housing stock, not just for first-time buyers but for families looking for larger properties. Brexit and the recent snap general election are the most obvious reasons driving the lack of supply. Property owners are uncertain what impact these events will have on the value of houses and so are delaying putting their house up for sale.
The weak sterling and rising inflation are also making people nervous. There is concern that interest rates will rise which is not good news for anyone with a large mortgage or those thinking of increasing their level of borrowing.
Moves are also being delayed due to a lack of demand for smaller houses as the younger generation struggle to get on the housing ladder and those who can afford to buy favour new build flats. Even at the top end of the market supply is being constrained due to higher stamp duty taxes.
Tips for those on the move
The lack of housing stock is unlikely to change in the short-term and unfortunately the time between finding your next home and moving into it is likely to be longer. However houses come on the market for many reasons – moving for a job, probate sales, conversion of commercial buildings to residential property, new builds etc. and so it is still possible to move house. So what can you do to find and secure your next home?
The key to finding your next home is to ensure you are one of the first to find out when a property you may like, comes onto the market. So, ensure you are registered with all the local estate agents and keep in touch with them so they don’t forget about you!
Don’t forget the on-line estate agents and ensure you are registered with websites such as Zoopla and Right Move. All estate agents now promote their properties through these websites and information about private sales can be found on these sites as well.
Property websites allow you to set-up alerts based on geographical area, number of bedrooms, price range etc. so that you receive an email when a new property comes onto the market.
You could also put a letter through the letter box of any houses you like! If someone is starting to think about moving house a private sale would mean that they do not have to pay estate agency fees.
With supply being so limited you should ensure you view any potential property as quickly as possible and make speedy decisions on whether you wish to make an offer. If your offer is accepted make sure the property is taken off the market so you do not get gazumped.
While buying a house is very exciting, once you have found a house to buy the process can be challenging. Finding a good conveyancing solicitor will help to minimise your levels of stress. The Bird &Lovibond Property team have many years’ experience helping individuals and families move house. We are local and so unlike on-line only service providers you can meet with your dedicated solicitor. We provide free, competitive quotes and will give you regular updates to keep you informed about progress. In recognition of our expertise and service levels we have been awarded the LEXCEL quality mark by the Law Society, we have also been awarded the Conveyancing Quality Scheme mark.
So if you would like help with your house move contact one of our conveyancing solicitors. Uxbridge (01895 256151), Ruislip (01895 636037), Greenford (020 8578 6936) or email firstname.lastname@example.org.