Why 2017 could be the best year to move house
When it comes to moving house, there is always some guesswork involved when trying to decide if it is time to just go for it. There are many factors that can affect people’s decisions, and of course careful consideration should be given to interest rate, mortgage deals and the current state of the housing market.
Events of 2016
Following the historic European Union membership referendum vote, often referred to as Brexit, on 23rd June 2016, the Bank of England cut bank rates, to an all-time low of 0.25%. This was down to concerns surrounding economic shock, at the time it was expected to have its first rise in a while, however, the possibility of that happening was set back significantly. Following on from the economic uncertainty that followed Brexit, and just as things began to calm down a little, Donald Trump won the US election which again changed the economic mood around the world and left things just that little bit more unsettled. (The Guardian)
House Prices and Mortgage Rates
The good news from all this uncertainty is that with bank rates at an all-time low, mortgages are more affordable than they have ever been; great news for borrowers but not so fantastic for savers. The affordability of home loans, according to the Council of Mortgage Lenders, has reached a historic low, meaning this is the ideal time for first time buyers to get on the property ladder and people looking to move house to make their move. Those buyers who have a large deposit could be sitting pretty for the next 5 years with fixed rates available at just 2% over a 5-year term.
When it comes to housing prices whilst it is true that house price inflation did slow down towards the end of 2016, they are still on the increase and the Royal Institution of Chartered Surveyors predict there will be an increase of 3% over the course of 2017.
New build projects which slowed down following Brexit are beginning to pick up again with housebuilders like Bellway buying more land for development, which is good news for the housing industry as we are in something of a housing shortage right now. Hopefully more new builds combined with great mortgage rates will help to ease the situation.
So, the message is clear, at least for the start of 2017, mortgage rates are at an all-time low, and especially favourable for those who have a decent sized deposit. House prices are on the increase but slowly, 2017 could be a good year to move!
Is A Property Considered to Be Furnished If It Has White Goods?
This is another thing that many people misunderstand, but no; a property having white goods would still be being unfurnished. Whether a property is furnished or not, is determined by whether it comes with any pieces of furniture.
White Goods Should Be in Good Condition
Although there are no statutory obligations for letting agents or landlords to provide white goods that are in good working order, there are a few legally binding rulings that ensure all landlords offering white goods in their property make sure they are in sound working condition. All electric and gas appliances should also be safe to use.
If you need any further advice about white goods and your rental property, please speak to one of the team at Newington Estates. They have several years combined experience working in the property market and have been serving the London sector of the market for several years.