- Tue 28 Mar 2023
The beginning of 2023 has witnessed yet another change within the housing market. With different contributing factors to this, we can see the current economic state has certainly influenced households having to compromise on many things, including what they want out of their next home move.
New research through analysis from Direct Line Insurance, reveals that more than half of homebuyers have become more willing to compromise in their search for their next home and this is mainly due to the change in the economy or as the media have named it; the cost-of-living crisis.
Traditionally it has been known that home buyers have been unwilling to compromise on location, however, 29% of property hunters said this was something they would now be willing to consider if it meant buying a new home, according to this research.
A similar figure said that low housing stock meant that they would have to make compromises when it came to purchasing their new home, with 25% admitting this was because they could no longer afford what they want. Almost a third would now compromise on the size of the property and 31% would be flexible on the garden size.
Managing Director, Chris Baxter commented “Due to a lower volume of properties coming to the market at the beginning of 2023, compared to the market we experienced prior to the pandemic, it is resulting in homebuyers increasingly having to compromise if they are looking to buy a new home.”
Chris continued “However, although interest rates have increased further from last year, mortgage product rates being offered by lenders are more competitive. The competition is also hotting up between home sellers, following an increase in properties being put up for sale in recent weeks, meaning sellers will have to be aware of this and ensure their homes are more competitively priced with more options for buyers available. The best advice I can give right now, is to register your details with one of our 30 Bradleys Estate Agents branches, explain your situation and what you are looking for in your next home move as well as speaking to a Bradleys Mortgage Advisor who have access to over 65 lenders and can find the best mortgage deal to suit your specific situation.”