Extend Now – Move later – still a sound approach as further house price stats emerge as Winter looms…

It seems there still remains various good reasons to ‘Extend now and move later’ in step with our recently highlighted initiative here at Mint Builders. Now of course there is a further depressing situation emerging in the face of a growing number of  Covid 19 cases right across Cheltenham, Gloucestershire and the Cotswolds.

Online sourcing of information by the Mint team reveals house prices continue to climb, albeit at a slower pace than earlier this year, as reported recently by the always informed HomeOwners Alliance. 

The whole situation reference prices right now, as Winter homes into view, needs to be balanced against a backdrop of the rising cost of living and an ongoing shortage of homes available for sale. This indicates that investment in the home you live in now, with a new extension, is still a worthwhile approach. You will add value for that later sale as well as benefitting from the better living conditions at your home in the meantime.

highest rises 

The well informed Alliance report the following stats. House prices have increased in all UK regions, with the highest rises over the past year in Scotland (+16.9%), Wales (12.5%), the North East (+13.3%) and the North West (+12.4%). Price growth in Liverpool continues to be the highest among the UK’s major cities, with average prices up +9.7% in the 12 months to September. Manchester and Sheffield are also registering high levels of growth, at +8.1% and +7.6% respectively.

Key SW locations 

Further telling statistics emerging are suggested in our key locations of the South West and the Midlands indicating average prices in South West £288,658 and in the Midlands £288,953. These represent monthly changes of 4.2 percent and 2.9%. The annual change reflections are 8.9 per cent and 11 per cent

lowest month 

A specialist Marketing monitor revealed that the current month was the lowest month for transactions in 2021, but activity was still up on last year and above the average for this time of year. Also, stats reveal that buyer demand remains stable. Housing stock is further depleted as new seller instructions have before now declined slightly.

difficult winter 

Nationally house prices are up on average +1.6% in the past month and are up +9.3% in the past year. With the difficult winter ahead once again,  we at Mint expect maintained extension and renovation project opportunities to emerge through the early Winter and into the next Spring, as homeowners balance the rising costs of moving against extension and renovation to add value to their properties. 

move option

Waiting for now can , of course, increase future market value which may be confidently collected by selling homeowners as and when prices ease, and that ‘house move option’ looks more surefooted and financially manageable. 

responses 

Noted further perhaps is information from leading Building Society, Nationwide also pinpointed online by the HomeOwners Alliance…  “House prices have continued to rise more quickly than earnings in recent quarters, which means affordability is becoming more stretched. Raising a deposit remains the main barrier for most prospective first-time buyers. A 20% deposit on a typical first-time buyer home is now around 113% of gross income – a record high. Recent price patterns suggest an element of rebalancing is occurring. Most of these regions that have seen the strongest price growth and are those in which affordability is still close to or below the average.”

initiative 

Of course, there are still many developing factors that will come into play reference the ‘Extend Now – Move  Later’  initiative that we at Mint Builders have been promoting in Cheltenham and The Cotswolds as we head towards the looming possible further Covid winter.  In all certain key issues seem to remain very uncertain perhaps, but we at Mint are active with project opportunities, and still seeking further projects going forward, both on through a possibly challenging Winter and into a sure to be much awaited Spring in 2022!

We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas relating to the priority planning and organisation of your planned home extension or renovation for the later Winter ahead this year ….and on into Spring and Summer 2022.

Feel free to request our project planning and quotation visit to refurbish or extend your home for more ‘liveability’ and increased future sales value in these vaccination focused Covid crisis times. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk