Anyone rethinking their moving plans due to rates and market uncertainty?

[BramStokey]

We had been planning to put our house on the market in June after DD finishes her A levels, in order to move somewhere slightly more central (currently London zone 2/3 and want zone 1). We'd been thinking of something slightly smaller at a similar value to our current house. House has been valued and I'm currently working through my odd jobs list to get ready to go on the market.

The current financial situation is making me wonder whether we should rethink. We don't have to move- just looking for a shorter commute for DH. Rising interest rates will mean fewer potential buyers, and if we don't move we'll be able to pay off our mortgage in full this spring (with money otherwise earmarked for moving costs)- we're on a variable rate. But maybe things are just going to get worse over the next few years. If we don't move in the next year or so then I think we'd wait until DD has finished uni and then properly downsize.

I'd be interested to know whether anyone else is rethinking moving plans in light of the financial situation.

I stopped trying to move a year ago. But that was because my industries are laying people off. I could clear the mortgage with the redundancy payment which gives some feeling of security.

Taking on more debt now is not attractive, especially with London prices meaning high stamp duty and potential future inheritance tax. So despite wanting to move to a nicer house and area, we are doing this one up a little bit.

About 2 years I had planned to move in the next 5 years. I had already decided to move ti a smaller house then originally planned as I knew utilities, tax etc was only going one way. I didn’t expect to be proved true quite so quickly! I think this is it for the foreseeable & costs aren’t really ever coming down, London house prices won’t be increasing at the rates they did in the past. We will still move but will definitely be thinking of all eventualities & it will be the last move until we downsize. However you are at a different life stage & presumably got on the ladder a long time ago so things will be different to you.

We are also looking at moving, house goes on Rightmove this week, but seriously expecting not to sell/ find anywhere to buy!
I’ve been wanting to move for over a year but husband has been against it, now he’s changed his mind this happens!
we don’t live in London, but the gap between our house and next one up is huge, given increasing interest rates it looks very unlikely we will be able to afford it!

Chances are next one up will be dropping their price soon.

This is our situation I’ve wanted to move for over a year too. Now finally taking photos this week with estate agent. Tbh no time in the last few years has been great market wise and also personally so I’m of the view of let’s see what happens we can just delist if no offers! We’re in London and SD is extortionate

Yes, we've applied for PP instead for works, which will cost us about 100k less than moving (increased mortgage and SD) - plus then higher CT, bills etc. We're also London and the jump from 3 bed terrace to 4 bed 2 bath is insane, and we're in a brilliant location currently- we'd definitely lose the location as larger property types are limited.

We did actually have an offer on our house but can't find anywhere at all to buy in the right area. I'm seeing the same houses relisted as last year at the same price or only a slight reduction. Loads of probate and downsizers.

Interest rates and uncertainty are also an issue. We had been prepared to take a deep breath and go for somewhere top of budget, but am less inclined to do so now. Especially with stamp duty rates. Seems mad to expose ourselves to the risk.

Yes, not worth the risk.