IF NOT NOW, WHEN?

With rising inflation and the increased 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 home. Philip Boyden, Senior Property Consultant, weighs up the issues.

It is certainly the case that buyers are treading with caution and sellers are having to adjust their price expectations in line with this changing market, but our collective appetite as a nation for homeownership remains strong and we continue to see activity despite the wider challenges.

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 are 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.

Indeed, if you are a second-stepper or upsizing significantly, for example, markets like this can sometimes be a better time to move. While the property you are selling may have to be marketed more competitively than a few months ago, this will most likely also be the case for the home you are stepping up to.

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 consider, it is worth bearing in mind that throughout the second half of 2022, we witnessed an 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 is more choice now than there was previously if you are a buyer looking for a property, meaning it is likely you will be able to choose from a wider range of suitable properties when looking for your next purchase.

Given the current economic climate, it is understandable that 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 I would advise is this: once you’ve decided to buy a property and feel it is the right one for you, unless

20 you can no longer afford it, it will still be the right property for you regardless of external factors.

Buying a property is a long-term decision and, given that the average tenure of homeowners extends to several years, a home purchase is never a short-term scenario, but rather a long-term viewpoint. Wider economic headwinds have always (and will always) fluctuate during the average timeframe a person owns their property.

Home is where the heart is Most importantly, in any market you should remember the emotional aspect of moving home along with the convenience and lifestyle that it provides. In the long term, small fluctuations in a property’s value will be less significant and more than outweighed by 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 is important to get the advice of a local agent who really knows the market and can price realistically to keep things moving.

That is where agents like Boydens come to the fore, and so if you would welcome some no-obligation advice, please do speak to us.

For more information, contact Philip on: T: 01206 773312 E: philip.boyden@boydens.co.uk boydens.co.uk

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