Blog by Kirstie Woolley – Sales Manager Edgefold Homes
As we traverse our way through a volatile period of high inflation and we look toward to a calmer and more settled future with stable mortgage rates, we reflect on how moving house in 2023 is different.
The British Housing market is always a hot topic of conversation and when it comes to Dinner Party discussion, we have an insatiable appetite for it! As a nation of home owners, it’s no wonder that, for the most, we are obsessed with the status of our biggest asset. We look to experts with their crystal balls and we hang on their every word. Typically, we do not know exactly what the housing market will do, but we do know that UK property has and always will be a steady long-term investment. These days any wise investor will be looking at the overall affordability of home ownership and where they can make short- and long-term savings.
With mortgage repayments up by an average of £250 per month, home owners are looking at making savings elsewhere, so if you are in the market to move, there is literally no better time to BUY NEW:
Greener Mortgages
Some High Street Banks are now offering cash back or preferable interest rates with “Green Mortgages” in a Government backed scheme to encourage people to invest in more energy efficient houses.
Emma Hodgson of Opal Financials comments:
“Barclays are currently offering a 0.1% discount for ‘New build Green Homes’. Halifax are offering £250 cashback for properties with an EPC rating A-C.
Some lenders are also offering enhanced income multiples and affordability calculations for borrowers purchasing new build properties. In some instances, this can be up to 6.49x your annual income.
Additionally, Mortgage Offers for new build properties are typically valid for a longer period – up to 13 months with some lenders. This ensures that your rate is secured, regardless of any future changes in market conditions. Equally, if interest rates were to improve during the build period, your mortgage adviser would have the flexibility to review the deals available and benefit from any enhancements.”
Energy Bills
HBF are quoting that the average energy bill saving increases to 64% when comparing new houses with older counterparts, making average monthly running costs £183 cheaper.
Financial Incentives
In a “buyer’s market,” house builders may offer financial incentives which make moving to a new home far more attractive than buying a resale property.
Assisted Move
You may be able to get a house builder to manage your move by assisting you with the cost of moving, making life that bit easier!
Maintenance and Upgrades
In a “buyer’s market,” house builders may offer financial incentives which makes moving to a new home far more attractive than buying a resale property. Added to that, buying a re-sale property can be far more costly in the long run. Those who have kept up to date with the cost of labour and building materials will know that you need deep pockets when embarking on any minor renovations. HBF have estimated that an average 3-bedroom home would cost around £70,000 to upgrade to the standard of a new home.
So, if you are in the market to move it really is worth considering buying new! Any questions just get in touch.