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Is 2022 the Year You Should Move?

Since 2019 things have been somewhat unsettled in the housing market. Restrictions from the pandemic affected all aspects of life, and many people decided against moving house. However, now things are starting to return to normal, which is leaving many people wondering whether 2022 is going to be their year for moving. If you have been looking longingly at properties for sale in Romford while trying to decide if the timing is right and the risk are low enough again, read on!

It’s looking good

There are clear signs emerging that the property market is stabilising after the upset caused by the pandemic. It is not unusual for markets to vary wildly, but this has been slightly different. Asking prices are generally higher than in 2019, and estate agents report an increase in the number of homeowners seeking valuations with the intent to sell. Prices are predicted to reach around 5% more over the course of the year, making this a seller’s market, so potentially a great time to make your move. Nothing is ever set in stone when it comes to buying and selling, but you can be assured that things are as normal as they ever were pre-pandemic.

The finances

Another aspect of home moving that has returned to normal is mortgage offers. Being in a seller’s market can be tricky when finding your next home. Those with the strongest buying power will get there first, but if you need a mortgage, having it agreed in principle is a vital element of securing the property of your dreams. Getting a reasonable price for your home is likely to be the easy part but remember that everything has increased relatively, making your new home seem more expensive than you hope. However, there is nothing to suggest a market crash right now, so it is as good a time as any to jump.

Things to consider

When deciding on moving in 2022, your job security is as essential as the property market. Another issue created by the pandemic is job instability, and some companies are still unsure whether they will recover and thrive or have to close. Take a long hard look at your finances and employer and be confident that you have job security before signing on the dotted line for a new mortgage if you are upsizing. Potentially this is less of an issue if you are downsizing as you may have money left over, especially if settling your mortgage is less than you hoped because the value of your home has gone up.

The bottom line

Looking at external influences, it seems safe to say the ‘once in a lifetime’ disruptions have passed, and the market has returned to a near normal state. House prices are strong, making this a seller’s market, so your primary considerations are personal circumstances. If these seem favourable, then it certainly looks like 2022 is a great year to move, so get your house valued and have a look at what is on the market!