Is now a good time to sell your property?

Whether you’re looking to upgrade or downsize by putting your existing home on the market, knowing the right time to sell is no doubt important. By exploring current market conditions and your mortgage options, you can sell up and move on with confidence.

Join us in exploring if now is a good time to sell a property in the UK, and why remortgaging and improving could in fact be a better option.

The base rate has risen

It’s no secret that the cost of living is rising in the UK, and so too is the base rate. The Bank of England (BoE) recently announced a rise of 0.25%, taking the base rate from 0.5% to 0.75%.  With this, many aspects of our personal finances will be affected, including those all-important mortgage interest rates.

Would-be buyers and home movers will find mortgage products costlier as a result of the base rate rise. Whilst this certainly isn’t a reason to stay put if you’re considering selling your property, it will make the process of buying more expensive for you when you move onto pastures new and for those looking to purchase your home.

House prices remain at record highs

With house prices at record highs during 2021, you may think you’ve missed the boat for selling your property at just the right time. Yet with much of the same demand expected in 2022, it’s set to be a seller’s market once again.

Here Forbes shares the most up-to-date information on the incredible house price growth currently being experienced across the UK:

“Nationwide building society’s latest House Price Index says the price of a typical UK home is at a record high of £265,312, with prices increasing by over £33,000 in the past year. It puts annual price growth at 14.3% in the year to March, notably higher than the 12.6% recorded in February, suggesting the traditional spring increase in demand for properties is well underway. Prices are now 21% higher than before the pandemic struck in early 2020.”

There’s a huge influx of buyers

As well as making more money on your sale courtesy of rising house prices, the demand from buyers is also likely to make your home hot property.

The number of new buyers coming to market has continued to increase. With competition in most areas rife, sellers are finding that their properties aren’t remaining on the market for long. The prospect of a quick sale and high profit means 2022 is a good time to sell.

There’s another way to protect your investment

Whilst many experts believe that house prices will drop, interest rates will continue to rise, and buyer demand will eventually fall flat, protecting your property investment to secure impressive profits in the long term is a great alternative to selling up.

With remortgaging, you get to avoid the stress of selling, and could even raise the capital needed to transform your existing property into the comfortable, spacious home it should be. By improving now, you’ll be making your home even more appealing to buyers, meaning you could increase the value of your home dramatically and reap the rewards later down the line.

By remortgaging instead of selling, you’ll be able to make the switch from a variable or tracker mortgage deal to a fixed-rate product and ultimately secure your financial future. Acting now to fix your rates is an excellent move in light of the recent base rate hike.

To discover more about the benefits of remortgaging, contact our advisors today to discuss your options.

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