The Main Considerations for Those Looking to Make a Move
The property market has gone through a bumpy journey over the past few years. However, the situation now looks more stable, and this is encouraging sellers and buyers into the market. There are a number of influences that will have an impact on the property sector this year, including the general election, the prospect of interest-rate rises and the announcement of new transport projects. If you’re considering moving in 2015, what are the main considerations you need to have in mind?
First Half of the Year Best Time for Buyers
If you’re planning on buying a house, the first six months of 2015 might be the best time for you to secure a great deal. Those sellers who’ve had their home on the market over Christmas will be keen to sell and more likely to accept a decent offer.
The upcoming election will also make the property market better for buyers at the start of the year. Typically, prices fall just before an election, with an increase in the number of buyers afterwards.
If you’re looking to sell, then you need to try to get the best possible price at this time. Think about what makes your property unique, and if possible create a feature. For example, you could hire Bradford fabricators to install a stunning balcony.
New Online Portal
There will be a number of estate agents that move their online advertising away from either Zoopla or Rightmove, which have become the major sites for property advertising. A proportion of these will transfer their adverts to a recently launched site, On The Move. As this is a smaller site, without the impact of the other two, it could result in adverts being seen by fewer people, reducing both demand and prices.
Look at Transport Schemes
Before you commit to a new home, it’s important to look at anything that could impact on your property. There are a number of rail routes and other transport projects that will be decided upon this year. This includes major projects such as HS2, HS3 and details on airports around London. When these types of schemes have been announced in the past, prices of homes close by have increased significantly following the news.
Consider Interest Rates
Interest rates have been at an historic low for a long time, and this has allowed many homeowners to become used to this level. There is the very real prospect that rates will slowly start to rise in the near future, with some analysts looking towards the end of this year or the start of 2016. If this happened, then it could stretch the finances of many families, even if the increases were minimal to start with.
If you’re moving or planning some home improvements, such as installing an exterior staircase from Bradford fabricators, you need to research the mortgage market carefully. Look at exactly how much you can afford to borrow, even if rates were to rise, and find the most suitable deal for you.