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  • Neil Harrison

So many reasons to stay put …extend or renovate and add value, ready for a ‘later ...

Updated: May 14, 2023

For sure, as we at Mint Builders see it ….and indeed, it seems how most people we seem to be meeting at the moment see it too …is that if there is a need for more or better-planned space at home the right now - a home extension or renovation improvement ‘beats the pants’ off taking on the somewhat desperate fluctuating state of the housing market both right now and also for foreseeable immediate and near-term future.

The list of reasons why a home move seems more and more uncertain and risky currently are clear to see - as one weighs it all up.  Best bet, more and more, is to stay put if you can   extend…. and renovate ..and improve - and put vital added value in your back pocket to ‘cash in’ on when times - and the housing market outlook - are better!  

growing ‘list

Here’s the ever growing list of reasons why its best for now is to extend and improve and so add value ….and leave a home move until a good deal later on! 

1. House prices fell by 3.1% year-on-year in March, marking the biggest annual decline since July 2009, the Nationwide Building Society have said. 

2. The figures also showed a monthly price fall of 0.8% - the seventh consecutive fall - which leaves prices 4.6% below their August peak.The average UK house price in March was £257,122.

3. Robert Gardner, Nationwide's chief economist, also says…. "The housing market reached a turning point last year as a result of the financial market turbulence which followed the mini-budget.Since then, activity has remained subdued. 

4. The number of mortgages approved for house purchase remained weak at 43,500 cases in February, almost 40% below the level prevailing a year ago.

5. It will be hard for the market to regain much momentum in the near term now since consumer confidence remains weak and household budgets remain under pressure from high inflation.

6. Housing affordability also remains stretched, where mortgage rates remain well above the lows prevailing at this point last year.

7. Prices declined in most regions. Nine out of 13 UK regions saw house prices decline on an annual basis in the first financial quarter.

8. House prices are forecast to drop and drop again …..

9. House prices have surged dramatically in recent years, but are now beginning to drop from their peak levels.

10. According to Land Registry data, the average UK house price fell by 1.1% in January - taking it to £289,818. Experts believe the downward trajectory will continue this year, with some forecasting drops being touted being between 5% and 10%!

challenge

So, all that being said…… here’s a challenge ….What, in reality, IS the likely outlook for 2023, reference the housing market and house prices…Did you see that predicted, imminent 40 per cent price-drop forecast for all type and sizes of homes. 

housing outlook

For sure, for so many companies in the housing biz, like ourselves, the housing outlook IS without doubt very much THE question of the moment right now and - as we see it - probably, the key question, perhaps, for the rest of the whole of the year ahead!

clear idea

We at Mint Builders feel we have a clear idea that a considered, longer term, more cautious ‘option’ surely deserves the most thought ……and not the ‘let’s get moving right now’ approach!

adding home-price value

We are maintaining that for 2023,  if you DO need more room at home the option of extending and improving …..and so adding value for later on when market momentum is more sure …..IS THE  way to go ….and an approach that offers valuable additional control and certainty……For sure, time will tell! 

We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas relating to  your new home extension or renovation ideas and plans for the 2023 challenging times ahead,  including,of course, ensuring your new spaces are energy conscious and competitive reference current all aspects of energy sourcing. We can also 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 aid yiur plans to refurbish or extend your home for more energy saving ‘liveability’ and vital increased future, protective, money-making added sales value, never more vital than the year ahead. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk

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