In the news
THE HEFTY COST OF MOVING
Buying or selling a property is an expensive business. New research on costs highlights that the average moving cost now stands at a record high of £10,414, escalating to £25,585 in London5. If you are looking to move, make sure you have some spare funds to hand because higher conveyancing fees and Stamp Duty are believed to be the primary reasons for this escalation in costs.
EMPTY NESTERS SIT ON £56,574 OF UNUSED SPACE
It is not unusual for older parents to be left with unused rooms in the family home once grown-up children have flown the nest. On average, over-50s in Britain have just over £55,000 worth of unused space standing empty in their properties6. Many are understandably settled and reluctant to downsize.
RISE IN HOUSE PRICES LOWEST SINCE 2008
According to a recent house price index for October 20197, the number of properties coming to the market was down by 13.5% on the same time last year and property prices saw the lowest monthly rise for this time of year (0.6%) since October 2008. This is against an average ‘Autumn Bounce’ of 1.6% over the past decade. It seems that sluggish prices and political uncertainty are causing many would-be sellers to put their plans on hold.
6Equity Release Supermarket, 2019