Nottinghamshire and South Yorkshire, like the majority of the UK has seen a big shift in property prices over recent years – but what does that mean for those of us thinking about moving house?
According to the Rightmove House Price Index for February, the average UK asking price has risen by over £7,000 in the past month to £229,398 with sellers asking an average of 3.2% more than last month in some popular locations.
In Worksop, North Nottinghamshire however, a Rightmove search reveals that 54% of properties for sale in the Worksop area still have an asking price of £125,000 or less. So is this making it easier for first time buyers in Worksop to get on to the property ladder, or helping those wanting to move up buy a larger property?
Wherever we live in the UK, property prices are clearly in our thoughts with Rightmove reporting a record month of website visits – 29% more than in January 2009, and their Q1 Consumer Confidence Survey reporting 62% of those surveyed believing it is a good time to buy.
It’s not surprising however that of those searching less than 12% believed the county’s economic climate to be favourable – so would mortgage funding be forthcoming to support any purchases?
Yes – Mortgage lenders are keen to help responsible buyers, although, their criteria has certainly changed over recent years.
Before deciding whether a house move is for you, it’s vital to take a look at your budget.
Moving house is not just about a new monthly mortgage payment. There are many factors to consider including expenses to take into account, for example solicitors costs, estate agency fees and removal costs not to mention the running costs of your new home.
A good place to start your financial research is to talk to an experienced, whole of market mortgage broker.
A good mortgage broker will not only be able to advise you on your mortgage options but is also likely to be able to guide you through the other costs involved and may even be able to put you in touch with other local professionals to help with your move.
But this still doesn’t answer the question of, given the current position of the property market, is now a good time to buy?
There are many property and financial analysts out there who are happy to give their opinion as to the future of the property market in the UK – some say we’re climbing away from rock bottom while others predict further price drops over the next couple of years.
Whilst it is valuable to understand the possibilities of what the future has in store for us, you are probably considering a new home to support your changing lifestyle and rarely do we make such decisions based purely on scientific opinions.
Moving house in the current climate will most certainly be the right thing to do for some people and not for others.
Just make sure you make your decision with all the information to hand, that way you are less likely to make costly errors or have any nasty surprises.
Good luck with the house hunting and remember to seek out a good, whole or market mortgage broker to help.