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Anybody else moving next year with a looming recession and will you still go for it?
19

Allicando · 04/08/2022 18:41

It seems pretty likely we are heading into a recession and none of us has a crystal ball when it comes to house prices. I am planning on moving next year, I have to wait until DS finishes his A-levels in June. I relocated 2 years ago around 45 miles away from my home town, moved for a relationship which hasnt worked out. Both teens have thrived where I am now but one goes to Uni this year and one next so I am free to move back. My work is still in my home town so I have long commute at the minute and I have no friends or family where I am now and know i will feel very lonely once both DC have gone. I am getting increasingly nervous about it all. I have a fair chunk of equity in my house (around 50%) but house prices back home are higher than where I am at the minute.

If you are thinking of moving next year will you put your plans on hold or just go for it?

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MoHunter · 04/08/2022 18:58

Not in the same boat as we are moving this year, probably October-ish... but in your situation, it sounds as though staying where you are isn't ideal. Long commute also means higher petrol costs, so I would factor that in when comparing the cost of houses/moving vs. staying. If your friends and family, as well as job is in your home town, I'd still aim to move back - at least property prices may level off next year? Also you could downsize so hopefully still get something nice in your town?
Good luck - kind of sh*tting myself a bit about the looming recession and buying a much more expensive house soon. But we will be in a much more desirable town and I think if you start putting things off, you'll never get there as timing is never perfect.

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Wouldloveanother · 04/08/2022 19:06

Yes. We need to upsize as pregnant with DC2. Current house is fine for the 3 of us but 4 would be a squeeze, plus we are still working from home after covid and there’s no sign of our employer opening up the offices again. Our area is really expensive so looking to move to a 4 bed somewhere a bit cheaper. I’m nervous about it all though, times are crazy.

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whirlyhead · 04/08/2022 19:09

Yes, but I’m planning on selling up and moving to Spain. It can’t be any worse than here.

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Wouldloveanother · 04/08/2022 19:11

whirlyhead · 04/08/2022 19:09

Yes, but I’m planning on selling up and moving to Spain. It can’t be any worse than here.

I’m jealous! Where are you planning to move to?

We’re having those ‘big’ conversations about the future of our family at the moment, we haven’t ruled out moving abroad.

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lollolll · 04/08/2022 20:26

We were planning to move - and Dc even got into a school that is too far to commute i.e. we need to move. However, I am now really nervous about whether or not we'll be able to sell our house. Yes, it's in London but we are moving more central so will need to sell for a reasonable price to be able to afford our next mortgage. I am really scared. Just booked to value the house - and might have to let that decide i.e. if the estate agents think we can get a certain price for it then we'll put it on the mark but if not, we'll have to rethink. Even four months ago everything was booming around us. However, we're downsizing so i dont know what means come September

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Allicando · 04/08/2022 20:32

Scary isnt it? I am desperate to move back. The commute is a killer and after splitting with ex I just do not want to be here. It is a great shame because where I live now is just beautiful but I cannot settle here knowing I will eventually bump into him and no doubt a new partner.

I did buy and sell in 2008 when we had the last recession and it took months to sell (but the house was on a busy road) and buyers were like hens teeth at that time. We had to take a chunk off but then the house we bought was also substantially reduced, we were fortunate to have enough equity. I have to port my mortgage too as I have just fixed for 5 years at 2.35% so cannot go into rented or live with family, it will be either move or stay. I was thinking of going up for sale early March knowing I cannot move before the end of June and if I have to stay put it isnt the end of the world but not what i really want.

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Katkincake · 05/08/2022 06:53

I think if your life is going to be enhanced massively by a move then do it.

We’re relocating 2miles closer into our town to be walkable to our DS school and be in right area for secondary applications in 2yrs time. Will the value of what we’re buying go down? yes, probably. Will the interest rate when we remortgage (we’re porting our 1.6% that has 3yrs left) be a lot higher? Yes (though the same would happen in current house). Is it worth it to offset the current commute drag (let alone cost), plus move away from a noisy road? Absolutely.

You have time yet to reassess, but stick with your plan for now

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ecochiroptera · 05/08/2022 07:17

Yes. Putting the house on the market this week. We want to relocate but also had to wait for some things to wrap up here first. It is worrying but then we are moving from a very expensive area to a much cheaper one, so hopefully it works out. We're really unhappy here and I'm willing to take the chance despite all the bad economic news looming.

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Allicando · 05/08/2022 07:19

@Katkincake Yes I think you are right and thats my thoughts too. Being closer to work will be a massive advantage as I can work all the overtime I like (nurse - work long days they always need staff) which will be a huge financial advantage. I guess even in hard times there will always be people buying and selling, it just makes it more stressful. For me mentally I need that new start, where I am is full of sad memories of the future I have lost. Fortunately the house I am selling I completely renovated and it is in a really lovely area so hoping it will sell ok - we shall see!

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Allicando · 05/08/2022 07:21

@ecochiroptera Good luck with it sounds like a good thing to be going somewhere cheaper. Sadly I am the opposite, the worst thing of all is that I sold my beautiful house in the area I am going back to a few years ago and prices have risen more there than here. I am furiously saving over the next year to try and bridge the gap as much as i can but I will have to borrow a little more on my mortgage.

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dersua · 05/08/2022 07:48

we are doing it now but we have done the below:

reduced our budget
bought something we can stay in forever if necessary
have good LTV
will still have savings
no other debt
have finished paying nursery fees
fixed for 5 yrs

Once in we won't do anything like the work we planned too just new paint, will save & overpay.

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Katkincake · 06/08/2022 07:51

@dersua we have done much of the same, though couldn’t lower our budget but we secured a house £50k less than we’ve sold for so should have some surplus money at end. Thankfully it’s the same monthly outlay as now and sale of our house has covered the cost of the move so a bit of a no brainer. We’ve both agreed that we’ll take our time to get the house up to the standard we’d like, if it takes 10-15yrs then so be it.

@ecochiroptera good luck with your sale and onward purchase

@Allicando sounds like the plan is to move still and that your quality of life will improve. Not everyone has the privilege to make decisions that aren’t that financially astute (i.e. losing some money, loss of house value v purchase price), but if you can quality of life is so very important.

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Whitehorsegirl · 06/08/2022 08:14

Yes!

I am putting my London flat on sale to relocate to somewhere cheaper and quieter.

Even considering moving to Scotland to leave the Tory mess behind.

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Allicando · 06/08/2022 08:34

Whitehorsegirl · 06/08/2022 08:14

Yes!

I am putting my London flat on sale to relocate to somewhere cheaper and quieter.

Even considering moving to Scotland to leave the Tory mess behind.

If you are looking for a lovely house in Shropshire mine is going up for sale in March 😜

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AlmostSummer21 · 06/08/2022 08:58

I wrote a long post, but MN ate it! 🤬

short version - yes I'm still looking to move, but as others have said, I've slightly changed what I'm looking for and definitely future proofing by making sure it's something I could easily stay in if I need to, both financially and physically. I was in an accident last year and it's an eye opener how difficult stairs/upstairs only bathroom etc can really be. I have health issues and I'm only early 50's and my knees are bad, so I'm making very sure my next move I could live downstairs if I needed to, while also currently needing more space, so upstairs bedrooms & bathroom too.

In your situation I'd definitely definitely carefully go ahead. But remember 'going to university' doesn't mean they both won't be there in the holidays (of which there are many) and most come back to live after. As parents I think it's important to still give them a feeling of home being available/welcoming etc but if you're not in a financial place to offer that, having an open discussion about it, where they should hopefully understand you need to meet YOUR needs, but you're not just moving without a thought for them.

I'm going to port my mortgage & try to borrow as little extra as possible. I'll put any renovation plans on hold until I have saved the money to do them & not take out a long/mortgage to do them as I had planned.

@Allicando with regard to putting your mortgage so not moving in with family/friends. My bank (& I think most others) have a grace period so you can do exactly that. I think mine is 6 months with a possible extension if things are well underway but it's taking a while. So you may want to enquire about that - it might give you other options.

I think you need to move though! Just carefully & mindfully!! It's difficult not to have anyone to share the responsibility/decision making with, but it's also easier to only have yourself to please!!

good luck!!

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WinterMusings · 06/08/2022 09:02

Shropshire you say....

unfortunately the commute to work would be hidious/impossible, but without the job I can't port the mortgage (or pay the bills!) 🙇🏻‍♀️

and I won't get another job like it 🤦🏻‍♀️

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Allicando · 06/08/2022 09:41

@AlmostSummer21 Thanks for your reply. Re my DC they went to high school in our home town and did 6th form here so have good groups of mates in both places but more in our home town so are more than happy with a move back thankfully. I knew you could have 6 months but didnt know about a grace period - that may be useful and I will look into it. I could move in with my folks for a short while but only if I knew I was well in the process of buying. I am 100% going for it come what may with a recession, staying here is affecting my mental health after splitting with stbxh.

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user1471538283 · 06/08/2022 11:18

I am moving this year. Already prices are coming down or houses being STC and then coming back up and there are more and more available. About a year ago an EA told me that a third were falling through so its probably more now.

I think there is an issue with offers and then banks devaluing.

In your position even if you do spend more than you think you should I would move.

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WinterMusings · 06/08/2022 18:08

Allicando · 06/08/2022 09:41

@AlmostSummer21 Thanks for your reply. Re my DC they went to high school in our home town and did 6th form here so have good groups of mates in both places but more in our home town so are more than happy with a move back thankfully. I knew you could have 6 months but didnt know about a grace period - that may be useful and I will look into it. I could move in with my folks for a short while but only if I knew I was well in the process of buying. I am 100% going for it come what may with a recession, staying here is affecting my mental health after splitting with stbxh.

@Allicando I think that's a good decision! Just do it as wisely as possible & im sure it'll work out for the best.

Again, sorry about your relationship breaking down, life sucks sometimes. X

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