What’s your moving focus for 2023?
It’s been a rocky year of political instability, which has shaken up the property market of 2022. So, we’re looking ahead to a positive and stable 2023 that shines the light on your focus for the new year.
Looking for a new home?
- Are you looking to buy your first home?
With over 30 years of expertise selling homes, we’re expecting to see mortgage rates and availability settling down in the new year. Which means if you’re reliant on a loan to get you on the property market, you’ll have more of a chance of being accepted for a mortgage by Spring 2023.
In the current property landscape, some private landlords might try to increase the monthly rent rate due to their own mortgage payment increases and the rising cost of living. Whether you’re experiencing this or not, your rent may soon be costing you more than a monthly mortgage payment. So, it could be the right time for you to get on the property ladder, invest in your own home and save money in the long run.
To speed up the buying process and make your 2023 focus a reality, it’s important to check that you have everything you need in place, including:
- A correct ID document. You’ll need to supply your passport or driving license, as well as a proof of address such as a recent utility bill or bank statement.
- Instruct a solicitor. According to , in June of 2022 it took a national average of 150 days to reach completion day from the time a home was marked as sale agreed. This was largely due to local solicitors’ substantial workload which slowed down some moves. To speed up the process as much as possible, contact your solicitor as soon as your offer has been accepted and get all required documents ready.
- Are you using a Help to Buy ISA? There might be additional paperwork and a formal valuation required, so make this clear at the outset.
- Prepare proof of your deposit funds. Whether you’ve saved your deposit yourself or it has been gifted by a parent, be honest about your finances upfront.
Ready for your best move?
- Running out of space?
Is your family growing? Or are you looking for more space to entertain friends? You might be thinking about building an extension on your existing home or buying a bigger property.
But in the current market, which is best for you?
The War in Ukraine, global supply chain issues, rising cost of living, and post-pandemic landscape are all contributing to the ongoing soaring cost of building materials. According to the latest data from the , there was nearly a 21% increase from April 2021 to April 2022 across all ranges of materials. This means that a home extension will cost you a lot more than it would have a year ago.
Your other option of course, is to pack your things and move on to bigger and better things. If your budget is up to £250,000 then it’s probably worth thinking about it within the next few years. After former chancellor Kwasi Kwarteng’s stamp duty cuts were scrapped, it’s been announced that from 31st March 2025 changes to stamp duty will be reversed ().
So, what does that mean for you? If you purchase a property with a price tag of up to £250,000 in the current climate, you wouldn’t be charged any stamp duty tax. But this will be cut to £125,000 come March 2025. This means if you bought a house for £200,000, you’d be charged 0% of the £125,000 and 2% of the remaining £75,000, adding £1,500 to your moving bill.
It’s worth noting that this is the only threshold to be affected by the changing stamp duty tax, so doesn’t apply if you’re searching for a property with a budget larger than £250,000. You can find properties boasting 4, 5 or 6 bedrooms .
And remember, it’s important to do the maths before making any big decisions to see what’s right for both your family and finances right now.
Our focus for 2023
The way we’ve always done business has helped us and our clients through the period of uncertainty this year has served. We regularly update property listings, provide a thorough process with each and every house sale, perform checks to the highest level and , for benefit of both the buyer and seller.
So, if you’re looking to buy your first home or in need of more family space, contact Newcastle under Lyme’s most proactive estate agent.
Get in touch with us on 01782 615530 or at email@follwells.co.uk, or see if we have a .
