Should you wait until after the Budget to move house?

The Autumn Budget is nearly upon us and, as always, there is plenty of speculation about what could be announced and what it might mean for the property market.

With the Budget taking place on 28 October, buyers and sellers across Hampshire and Surrey may understandably be wondering whether they should make a move now or wait to see what the Chancellor has to say.

Our view at Warren Powell-Richards is fairly simple. If moving home is right for you, we don’t think Budget speculation alone should put your plans on hold.

What could the Budget mean for homebuyers?

There is already plenty of discussion around measures that could affect the housing market, particularly when it comes to support for first-time buyers.

More details are expected around initiatives designed to make home ownership more accessible, and there will no doubt be more predictions and rumours as Budget Day gets closer.

The problem is that trying to second-guess what may or may not be announced can leave people putting their plans on hold unnecessarily.

For most people thinking about moving, there are more useful things to focus on.

There are opportunities in the market now

The property market is still moving and there are some encouraging signs for both buyers and sellers.

Rightmove reported an increase in average new seller asking prices in September, while the number of properties available means buyers currently have plenty of choice.

For sellers, that does mean getting the price and marketing right from the start is important. Buyers have options, so presenting your home properly and launching at a sensible price can make a big difference.

For those looking to sell and buy, the current market can also work in your favour.

You may accept slightly less for your current home than you had originally hoped, but you may also be able to negotiate a better price on the property you’re buying.

It’s easy to focus entirely on the figure you sell your home for, but what really matters is the overall cost of making the move.

This is where good local knowledge and the right advice can make a real difference.

Focus on what you can control

Nobody knows exactly what will be announced on 28 October, but there is plenty you can find out before then.

You can establish what your current home is realistically worth, see what properties are available in the area you’re looking to move to and speak to a mortgage adviser about what you can comfortably afford.

Most importantly, you can decide whether moving makes sense for you and your family.

Getting prepared doesn’t mean you have to put your home on the market tomorrow. It simply means that if the right property or buyer comes along, you’re in a much better position to make a decision.

Could waiting mean missing an opportunity?

Whenever a major announcement like the Budget approaches, it’s natural for some buyers and sellers to wait and see what happens. But that doesn’t necessarily mean everyone else needs to do the same.

If some sellers decide to hold off until after the Budget, there could be less competition for those who choose to come to market now.

Buyers also have a good choice of properties at the moment and may find some sellers more willing to have a sensible conversation around price.

Rather than automatically seeing the weeks before the Budget as a reason to wait, it’s worth looking at your own circumstances and whether the current market could actually work for you.

There is rarely a perfect time to move

There will always be something happening that could make people question whether now is the right time to move. It could be a Budget, an interest rate decision, new legislation or simply another change in the economy.

In reality, most people don’t move because of what is happening in Westminster. They move because something in their own life has changed.

You might need more space, be relocating for work, looking to downsize, have found a property you love or simply feel ready for something different. Those things are often far more important than trying to predict what the Government might announce next.

So, by all means, keep an eye on the Budget on 28 October. If something is announced that directly affects you, it can then form part of your decision. But we wouldn’t suggest putting your plans on hold simply because Budget Day is approaching.

Our advice is to understand your position, get good advice and make your decision based on your own circumstances and what’s actually happening in your local property market.

Thinking of making a move this autumn?

Even if you’re not quite ready to put your home on the market, finding out what it’s worth is a useful place to start. Speak to your local Warren Powell-Richards team for straightforward advice about your property, what’s happening in your area and the best way to approach your next move.