So, how difficult is it to move house in the 2022 economic climate? With the cost of living continuously on the rise, households up and down the country are feeling the impact of the surging cost of living. Household bills have soared since the implementation of price rises on 1st April. However, it seems families have been experiencing unaffordable changes since March, with 83% of households in the UK reporting on their cost of living rising.
Following all this recent news, moving house seems unthinkable. As we’re on a mission to make affordable housing more accessible, we’ve discussed the current property market and available advice for those hoping to make the move.
What Type Of Properties Are People Looking For In The UK?
Prior to the start of this year, Rightmove suggested we were looking forward to a year of things heading back to normality. The increase in property valuations requests may mean more people may be making 2022 the year of the big move!
From analysing our own data from the last quarter, we’ve found that:
- Renting in large cities (London, Birmingham, and Liverpool to name the top 3!) remains ever popular.
- An increased interest in shared ownership homes in rural counties like Lancashire and West Yorkshire.
- Semi-detached homes dominate the search for shared ownership.
- Pet-friendly is one of the top three most searched for amenities when looking at rentals.
It’s interesting to analyse what our users are searching for, but it’s important to understand and accept some compromises may have to be made if you’re hoping to move home.
What Should I Consider If I Want To Move House Now?
The first thing to consider is having the correct costs in place. You may have a clear understanding of what you can afford, but it’s always very sensible to leave a buffer in case of price inflation. Energy prices will be reviewed again in October, which may mean increased costs for some households. Putting these provisions in place is not ideal, but erring on the side of caution may help you further down the line.
It’s important to consider all the housing options available that suit your family’s needs.
There are more options than just outright purchasing a property and renting – so don’t be blinkered! Understanding your household’s needs is vital here, as some costs may be worthwhile depending on your circumstances. Our MovingSoon Hub has an abundance of informative pieces to help you assess what affordable options may suit you.
Moving house doesn’t just stop when you sign the dotted line on your contract. You may have organised all the appropriate costs, but don’t forget the finances necessary for making the physical move. All these can add up, so thorough preparedness and financial planning are key to getting you to your new property!
Where Can I Cut Costs and Get Support?
Understanding where you can cut costs is vital. As Martin Lewis discusses in the Money Saving Expert Cost of Living Survival Kit, taking off financial pressures where possible is a positive step towards stability. From practical day-to-day tips to informative advice on where to seek further resources, please browse the guide here.
Some great tips even if you aren’t considering moving home include:
- Look into the help available from your local council regarding potential council tax rebate assistance – even if you aren’t in band A to D!
- Research broadband ‘social tariffs’ to find out if you’re eligible to reduce broadband prices.
- Review your direct debits, standing orders and recurring payments to see if you’re being overcharged – your bank can assist here.
If you’d like to move house but don’t know where to begin in the current climate – why not browse our platform? With affordable properties up and down the country, get an idea of what’s available in your area and start your search here.
