Owners seeking to upsize or downsize may discover the best value by exploring options close to their current location. In 2023, amidst surging mortgage interest rates and inflation, some where hesitant to move. However, for those with an optimistic outlook, there might be a silver lining on the horizon.
Inflation has receded to 4 percent in the year ending December, a significant drop from the peak of 11.1 percent in October 2022. Additionally, average mortgage rates have reached their lowest levels since early June, with some lenders offering rates below 4 percent.
With the financial constraints easing, potential homebuyers and sellers are slowly returning to estate agent offices. A recent Savills survey of 1,400 individuals planning to move, published this week, revealed that 42 percent are now more committed to relocating within the next six months, compared to 37 percent in July.
However, while mortgage rates are coming down, homeowners are still somewhat nervous. They are making measured and considered decisions and want to ensure they are finding value in relocating.
If you were considering moving to a larger property but found it financially challenging within your current locality, a popular solution for many families during the COVID-19 pandemic was to relocate to a different town or area. However, for families now committed to returning to in-person office work, this may no longer be a viable option.
Nonetheless, moving to a larger property within your existing area may prove to be costly for many prospective buyers.
Ed Sainter, Oxford & Northern Home Counties advisor, says moving to South Oxfordshire makes financial sense, and is also a shrewd lifestyle choice for many families. “In South Oxfordshire, you’ll discover picturesque villages like Warborough, Little Haseley, Great Milton, Little Milton and Aston Tirrold. These areas are also coveted for their exceptional educational institutions, including Moulsford, the Oratory and Abingdon School. Nearby market towns like Goring and Pangbourne provide excellent connections to Reading, Oxford and London.”
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