top of page
  • Neil Harrison

More than ever now, a home extension or renovation seems best to add value ...and then move home ...

Updated: May 25, 2023

Take note….we at Mint very much suggest the right step to take - at this time -  must surely be  - if you can to consider a home improvement project - if you need more, re-organised or better space at home - and certainly for sure ‘pass’  - for the foreseeable future - on making any ‘full-on’ home move. 

If you really… really don’t have to move home in these very testing and financially challenging times….don’t… surely!! ….…..there’s so many reasons why not to. The great uncertainty now in the mortgage-getting marketplace very much prompts a ‘no go’ attitude to a ‘full on’ home move …as THE preferred choice!!

financial uncertainty

Also, what about coping with the higher-scale, financial uncertainty around mortgage rates….. there has been a very modest improvement reference this that’s true - but, for how long one might wonder? Property sales are beginning to slow and stumble in response to mortgage companies';rapid increase in interest rates. Also, Purchasers are pulling out of transactions…. and sellers are now accepting price CUTS …to get their property sold!

mortgage rate rises

The experts are warning that the number of sales falling through will rise in response to the rocketing mortgage rate rises…. the biggest since 2008. That’s not all….did you know that lenders have withdrawn mortgage deals at the fastest rate ON RECORD.. as interest rate expectations loom large. What’s more …news is …that deals that are still available are rapidly becoming more expensive!

exceeding 6%

Analysts are expecting that average rates could exceed 6pc. (Less than a year ago..take note .. buyers could take out mortgages at below 1pc!) And then of course…. this very week……

1. The Bank of England has warned the UK is facing its longest recession since records began, as interest rates rise by the most in 33 years!

2. The warning is that the UK would face a "very challenging" two-year slump with unemployment nearly doubling!!!…. by 2025…..

3. Interest rates have lifted to 3% from 2.25%, ….the biggest jump since 1989!

4. Bank of England boss Andrew Bailey has warned of a "tough road ahead" for UK households. He adds the Bank had to act forcefully now.. or things "would surely be worse later on"…….with the dreaded recession looming long and large!

add sales value

So, how confident might YOU be about a home move right now… or in the near future? …. If you do need more space at home - well, consider extending, renovating or re-organising to make life better for you and yours …and also, while doing so, add vital sales value to help with your sale when you do eventually ‘chance’ a home move.… We can perhaps guide and assist in this respect ..….…….

….in the media

To end on….spotted in the media this weekend …. ‘In 41 per cent of locations in England and Wales, the cost of a home have never been more unaffordable’ …and also …. ‘house prices now exceed ten times the median annual income — up from 24 per cent before the pandemic’ Its tough to know what to say about it all, that’s for sure eh?

We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas relating to all your new home extensions or renovation ideas and plans. We can assist with all your 2023 home renovation priority planning and project organisation of all kinds.

Feel free to request our project planning and quotation visit to refurbish or extend your home for more energy saving ‘liveability’ during this tough Winter ahead and vital increased future protective money-making added sales value, vital in these challenging financial times . Contact Mint Builders about your home extension, renovation reorganisation plans this year or next. Call 07734 211958 or email mintbuilders@hotmail.co.uk

2 views0 comments

Comentários


bottom of page