Interest Rate rise – a key reason to ‘pass’ on a new home move during 2022?

So …it’s happened …the all important national  interest rate has increased, and, what’s more, general day to day living prices are, for sure, well on their way to revving up too next year, at, what is predicted to be, at quite a punishing rate all round !

This situation offers, for sure, much testing financial ‘food for thought’ as we all move – with the accompanying latest virus variant in tow – on into 2022!

Alongside these recent happenings to the overall financial outlook going on into the year ahead – also, spotted online from the Insider Media people –  was some South West home pricing-outlook statistics, which caused a certain amount of pondering within the Mint team. 

increases 

Apparently it is said house prices in the South West are expected to grow by 13.1 per cent over the next five years, according to this research…..with the strongest increases in those prices being in 2022….the immediate year ahead ….!

Extend Now – Move Later

The pressures of this testing 2022 financial outlook, we feel, very much serves to support our view that our Extend Now – Move Later initiative, very much to the fore with us of late, is even more in play regarding those seeking improved facilities at home as economically and feasibly as possible going into the New Year.

financial pressures 

It seems that moving during most of 2022 will involve very direct financial pressures – dearer mortgages …all round, general, day to day, cost of living price-rises and, also, the continuing uncertainty reference the virus – So, pause and wait for now looks something a more comfortable choice for home moving during 2022!

wait and see 

For sure, it seems many homeowners may well be seeing the advantage of waiting on any house move for now, in order to see how these imponderables emerge and affect all round pricing pressures within the property and money borrowing marketplaces. ‘Wait and see’ will appear for many the right move – for many in 2022.

modest 

Thus, if house moving is looks too challenging, but an improved home environment is very much needed over the next 12 months or so – then a modest plan to extend and renovate for 2022 looks very much the less hazardous choice. Of course, also, that extension or renovation will add value for the future – however that emerges.

less-pressured

This approach  would seem to be a sound ‘conservative’ less-pressured,day to da,y living tactic currently and the right approach to adopt in these very specific financially uncertain circumstances likely to be with us, as is predicted, throughout 2022. We understand that  ‘wait and see’ must surely be better, if at all possible. It must be better than challenging the wavering and uncertain financial pressures of submitting the family to a total home move in 2022.

balance 

We, at Mint, expect extension and renovation project opportunities to continue to emerge – as the outlook has suggested – over the first six to nine months of next year as homeowners shy away from the rising costs of moving and consider, instead, a well-planned extension and/or renovation project, if an improved environment at home is a priority and a necessity.

confident 

Of  course, there are still certain developing factors that will come into play reference our  ‘Extend Now – Move  Later’  initiative, but we at Mint are confident that homeowners are very much ‘tuning in’ to our approach in the face of the latest round of financial and social pressures very much unavoidably alongside us probably for most of 2022 ….we shall see! …..

We are, of course, happy to discuss options on home extension and renovation project timings, costs and advantages along with potential added values throughout 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 on into 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 continuing vaccination focused Covid crisis times. Contact Mint Builders on 07734 211958 or email mintbuilders@hotmail.co.uk