The dreaded ‘no deal’ Brexit possibility and all the anxiety rising and rising in the housing market with regards to falling prices at this time, means it is surely even more advantageous to ‘Extend Instead’ than ever it was – it would seem.
We at Mint have been highlighting this fact on this blog for some time – how many home-owners needing more space in their home right now are checking out the potential of getting a modest extension or refurbishment for their current home instead of packing up and moving. For sure, this looks like the best thing to do if you possibly can – and it may stay this way for a good while yet.
‘no deal talk’
The new Prime Minister is set to be chosen at any minute and during the ‘choosing contest’, there has been a considerable amount of ‘no deal’ talk with regards Brexit. This has prompted property guys at the London Evening Standard to suggest “If the UK ultimately leaves the EU without a deal – be it on 31 October or some other time – we believe house prices could quickly drop around 5 per cent amid heightened uncertainty and weakened economic activity.”
The Standard experts indicate that the usually hot.. hot..hot.. price-soaring London market is having a ‘bad time’ right now, which means things are not likely to be so good for market sales as a whole for the rest of us around the UK.
Say the Standard, ‘The London property slump has dramatically accelerated with prices falling at their fastest rate in almost a decade, official figures reveal today.
The average price of a home in the capital dropped 4.4 per cent to £457,471 in the year to May, the steepest rate of decline since August 2009 when the market was still reeling from the devastating impact of the financial crisis. It was the 15th consecutive month of year on year falls and means that the market is now 6.4 per cent below the peak it reached in August 2017.
The data shows that May was a particularly grim month with prices tumbling 2.5 per cent, the biggest monthly fall since the 3.15 per cent recorded in May 2011. Experts said the figures recorded at the Land Registry reflected deals agreed several months earlier when the brutal Parliamentary battles over Brexit shattered any lingering confidence in the property market’.
Enough said? For sure now is not the time to move home unless you can’t avoid it. If it’s a question of more space being needed, we at Mint have been noticing that on our patch – Cheltenham and the Cotswolds – our ‘Extend Instead’ campaign seems to be revving up. Why? Because it offers a real alternative approach to taking price drop ‘hit’ on selling your home right now.
Also, as we have highlighted on this blog numerous times – if you extend or re-furbish for now instead of moving home you have a chance as things improve to achieve added value to your home to hopefully realise later on when the Brexit fog clears and a certain amount of normality begins to emerge – fingers crossed!
If all this uncertainty is going on for you – pause, investigate and consider. Mint’s ‘Extend Instead’ approach might help. We can talk over options, discuss added value and all areas of potential improvement and costs for your home. If you do it, you’ll get the facts which is THE vital thing to do right now. A pause and review of options could well make life easier for you and yours both now and for the future. We hope we can help.
Whatever extension you need for your home, Mint offers a full development and finishing service to help give you home more space and add value too. We are here to help with any questions or concerns you may have with the ‘ins and outs’ of planning issues . We have all the expert contacts on hand to help you.
Please request your quotation to extend, improve or refurbish your home . Contact Mint Builders on 01242 279739 or email firstname.lastname@example.org