Is it a good time to move

[Lifeisnotsimple]

We want to downsize but with brexit and the scare of the market crashing is it the right time to sell.

Who knows but we're doing it.

No one can predict the future and the time feels right for us.

South East is not likely to fluctuate much, if at all. Not sure where you are.

Without knowing an awful lot more information it's impossible to advise.

There is always a scare story going that the market is about to crash. I reckon I could find such a story for each of the last 19 years.

Nobody knows.

Different areas, and different property types will respond differently.

There isn't one property market that covers the whole of the UK, there are thousands of small property markets across the country, all of which perform uniquely.

Thanks we are in south wales, the market has been buoyant due to the scrapping of severn bridge tolls. However ive heard after brexit the pound is gonna crash and our houses will be in negative equity. Tbh i think they are scaremongering.

our houses will be in negative equity

For the avoidance of any confusion, negative equity means the value of the property is lower than the mortgage secured against it.

Coming up to best time to sell in the year. Spring.....

If your home sells for a lower price the house you are buying will be cheaper.

So glad two years on that we downsized. Our great big old house is now another persons home. We were not using half the rooms at the end.

I don’t know, there have been mutterings of a huge crash for at least the last 10 years

Justasking its the same for us, its only the 3 of us and 2 dogs in a 5 bed home, im forever cleaning and it takes ages. It was our dream home when we bought it but life has moved on and the cost of upkeep maintenance etc doesn't feel worth it especially when we are missing out on holidays just to live here. 3 bedrooms are storage rooms essentially, waste really.

I think it's too close to Brexit now, and yes the pound is tanking with all the indecision, a hard Brexit would be even worse for the pound.

But its too late now, a sale should have been 6 months ago so you might as well wait now till spring and after Brexit and pray for no Brexit or a well managed Brexit.

I’m putting our house on the market in the next few weeks. Brexit or not it’s the right time for us to move, although I’m expecting it to take longer than usual, I’m still hoping for the same price.
Negative equity only hurts if we then have to sell in the next few years, which we hopefully won’t, all going to plan!

@Runningbutnotscared

Are you intending to buy a more expensive house than your present one?

It can be argued that it is better to move upmarket when the market is falling.

@Mildura

Plan is a slightly cheaper house but to improve it (from small bungalow to big two story).
Hopefully increase the value, but more importantly be suitable to live in.

Do you think that’ll hold value?

Bungalows are sought after for downsizers. Very few built so they do hold their price. Downsizers usually have a bigger pot of money.

Bungalows are sought after for downsizers. Very few built so they do hold their price

But if it's now been turned in to a big 2 storey house, the advantage of being a bungalow that appeals to downsizers with a pot of cash has vanished.

@Runningbutnotscared

Whether it holds value or not likely depends more on where it's located than what you do to it.

Oh id love a bungalow lol

If you are selling in pounds and buying in pounds l, then what the pound is worth against any other currency is largely irrelevant... unless you are planning loads of work, which will cost far more due to imported materials being more expensive