- 5 big reasons to sell your UK home now
Reason #1 – The Brexit jitters
Reason #2 – Low mortgage rates
Reason #3 – The Budget & increased regulation
Reason #4 – End of Help to Buy scheme
Reason #5 – Change in direction
Why sell your house now, is it the right time to cash out or should you wait and risk losing out?
UK house prices were on the rise until the economic crash in 2008 sparked by a crisis in the banking sector. Since then house prices have recovered but will they continue with all the uncertainty over the Brexit effect? Also, are economic factors alone the most important consideration when it comes to selling your home now?
In October last year, the Halifax said annual growth in house prices in the UK slowed to the lowest in six years. Have you missed the boat? Maybe, maybe not. If you’re thinking of selling then consider doing it now whatever the motive.
#1. The Brexit jitters
With Brexit uncertainty, there could be a jittery housing market with fewer buyers and sellers around. We’re leaving the EU at the of January, but will it be delayed? And whether or not Britain ‘Brexits’ as scheduled, ongoing trade talks may cause economic uncertainty adversely affecting interest rates. The ‘Brexit effect’ could affect the supply of houses to the market and drive house prices down.
#2. Low mortgage rates
Low-interest rates usually mean low mortgage rates with buyers able to afford more expensive properties. As mortgage rates increase then the cost of borrowing increases too and houses become less affordable. With mortgage rates at not much more than the record low rates since 2008, why not sell whilst buyers can afford your home?
#3. The Budget and increased regulation
February’s budget could reveal surprises impacting on buyers or sellers, or both. More controls on Landlords and a possible stamp duty surcharge for buyers from overseas could temper house prices. Some Local Authorities already want to impose compulsory registration on rental properties, controls on Airbnb and ‘short let’ properties.
#4. End of the Help to Buy Scheme
Help to Buy’ is ending in 2023 but some restrictions take effect next year, when Help to Buy will only be available to first-time buyers and homes capped up to regional market values (for new properties). After 2023 (March), there will be no substitute scheme offered by the Government, so get it while you can!
#5. Change in direction
If you’re reading this then possibly something has changed in your life, marriage, divorce, inherited a property or approaching retirement – all good enough reasons for selling where time is of the essence!
Moving on with an old relationship or starting anew are important times in our lives and time is very precious when ill health strikes. Consider the value of your time and try to balance it against potential financial loss or gain. Just how important is it to you to get the absolute top price for your home when selling? Could you be better off selling now for less and moving on with your life?
Sell Property Fast Cash
Contact: Alan Simpson
Telephone 0800 669 6784