If you have been considering moving house with cardboard boxes for moving for some time now and you have found a few houses that you might be interested in viewing, there are certainly some challenges for moving house in 2023. The times are uncertain, with lots of economic factors that have influenced the housing market and the decision of millions of buyers across the UK.
So what are the challenges of moving in 2023?
- Mainly because of the war in Ukraine, inflation is very high and doesn’t seem to be slowing any time soon. This means the price of everything has been increasing, including food and everyday items such as fuel. As inflation is so high, the government have been raising interest rates to try to tackle the problem, which in turn has lead to high mortgage rates. High mortgage rates not only mean that the cost of your mortgage will increase, but it also has lots of knock on effects.
- High mortgage costs will make it harder for you to borrow money to buy the house that you want using cardboard packing boxes. This can mean that some banks will not lend you the money you need to buy the house that you could have afforded two years ago. This limits your options on which properties you are able to buy and which banks you can borrow the money from.
- High mortgages also mean that less people will choose to move house than normal, which means there will be less properties on the market than there usually would be.
- High mortgage costs mean that it is difficult for other buyers to borrow money also, so this means that selling your house in the first place is going to be more challenging than usual.
- High inflation and a weak economy means that people have less money to spend than usual. People are therefore less likely to want to upsize their home any time soon, so the only movers are going to be people downsizing with cardboard packing boxes for moving house.
- Even if you do find the house of your dreams and manage to agree a buyer for your own home, if you are part of a larger chain, it is more likely than normal to fall through at some point due to someone not being able to borrow money as mortgages rise even further, or the cost of living putting too much pressure on someone down the line.
- Due to inflation, all the other costs of moving have also increased dramatically, which include solicitors fees, removal company fees and stamp duty too, not to mention packing cardboard boxes. All of these things are going to impact your decision of whether to move.
- On the plus side, more people are now able to work from home than ever before as companies become more flexible with working conditions. You might be able to leave an expensive city such as London and move to the countryside where house prices are much more affordable and larger.
- House prices are likely to drop significantly over the next year or two, so now might not be the best time to move, as you’ll likely get a better deal in a couple of years when mortgage costs become cheaper and house prices also become cheaper. But selling your own home now while the prices are higher might be a good idea, if you can find a buyer who is willing to pay the price.