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If you bought a bigger house during the pandemic…

3 replies

Generalquery · 27/10/2023 18:04

Are you thinking of selling when your mortgage term expires?
We bought a bigger home in the summer of 2020, as we felt we had outgrown our home, however in reality whilst we had kids sharing a bedroom, our perception of having a lack of space was skewed by the fact we were all at home, all day, everyday. We also felt we could afford the increase in mortgage payments as we (two parent household) were extremely fortunate to keep working during the pandemic but, during lockdown we had no where to spend our cash after bills were paid. And then of course there was the stamp duty holiday.
Now life in more or less back to normal and we are out of the house more and spending more money on leisure activities, I’m thinking of downsizing, particularly if the interests rates stay as they are.
I imagine there are several people in a similar situation but there doesn’t appear to be anything reported in the press so I thought I would ask on here.
So if it weren’t for the pandemic would you have moved to a bigger house? And, do you plan on selling it any time soon?

OP posts:
arintingly · 27/10/2023 18:07

Similar for us.

We would always have gone for a bigger house at around that time but we probably did stretch ourselves more because of what you said: desperately wanting more space and feeling pretty flush because we worked from home and didn't go out much

However we live in London so stamp duty makes it very expensive to move house so we are going to stick with it. Also we really love our house.

MovingToPlan · 28/10/2023 11:43

We are hoping to buy a house like this - the vendors loved it during lockdown but have come to realise they can't keep up with the garden and maintenance since life has gotten back to normal. We, however, are keen gardeners and are itching for more space to grow veg, etc! If this particular property doesn’t work out for us, I'll be looking for something similar.

Fooksticks · 28/10/2023 15:33

We've just bought a large house. It's too big, but we couldn't find anything else in the area we were looking. I know we'll grow into it though

We can easily afford the repayments as buying now means we've stress tested to high IR, plus our mortgage is only 8 years.

Our home during the pandemic was smaller but we had a lot of outside space, with a big undercover area.

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