On the face of it, now might not seem like the best time to be scaling the property ladder, but according to some industry experts, there are plenty of instances where the opposite is true, and upsizing can and does make sound financial (and lifestyle) sense.
In order to understand this paradox, it helps to examine the nuanced picture of buying and selling in today’s more measured market, where trading up often isn't just possible... but profitable.
As an example, a home which would normally be valued at £350,000 might in today's market sell for £336,000 - a reduction of 4 per cent. If the same saving were to be made on a £450,000 property, the purchaser could expect to pay £432,000.
What this amounts to, overall, is losing £14,000, but saving £18,000 – an equation that can make upsizing (even in today's comparatively slower market conditions) a somewhat attractive proposition, especially if the mortgage is affordable.
For those looking to take advantage of this window of upsizing opportunity, the market is thankfully continuing to see a steady replenishment of mid- and top-tier stock.
Among these listings, is this extended and refurbished four-bedroom detached family home (pictured above and below), occupying a cul-de-sac position within less than 0.5 Miles of the town centre and mainline railway station (Paddington/Elizabeth Line). Featuring a hub of the house McEvoy & Rowley Kitchen/Dining/Family room and two generous reception rooms, the property also benefits from no onward chain.
Summary
The market conditions that have emerged in 2023 are, without doubt, a mixed bag. On the one hand, the levelling out of house prices should facilitate homebuyers in scaling the ladder, but the boost to buying power is countered (potentially up to 20%) by the current 6% mortgage rates.
From a positive standpoint, the dramatic price falls predicted earlier this year are still yet to materialise. In fact, in 32% of the UK, properties are purported to have gained value over the last six months (30% have seen no change and 38% have lost value.)
Of course, regional and individual factors remain important considerations, but overriding industry opinion is that if the affordability allows, scaling the ladder might potentially make more financial sense, than the narrow lens of the media otherwise leads us to believe.
For more details on the featured property or similar in the Maidenhead area, please contact property@braxtons.co.uk or call 01628 674234.