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.
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?
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.
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?