It is no exaggeration to say these are challenging times financially for many households, and information provided by the Office for National Statistics (ONS) indicates a sizable number of adults are struggling with mortgage payments and monthly rent.
The research period ran between June and September 2022, and 30% of respondents said they found it difficult to meet monthly payments. This represents an increase from the 26% of respondents who said the same in the period between March and June this year.
Many homeowners will make changes
Understandably, people are looking for solutions that will make life easier for them, and one leading finance expert believes many households will attempt to downsize their surroundings.
Rio Stedford, a financial planning expert at Quilter, said: “Interest rates have been rising to try and combat rampant inflation. But due to fuel being thrown on the fire during the mini-Budget, interest rates are projected to rise even further later this year. Lenders have been quick to up their mortgage interest rates on all products, which means that homeowners with fixed rates coming to an end within the next year or two, will likely see their bills rise considerably when they come to the end of their deal.”
Rio concluded by saying; “The option of moving to a smaller home to achieve lower monthly mortgage payments is starting to become a real consideration for some homeowners. However, before putting a house on the market, it is worth considering that if a flood of properties all hit the market at the same time, this could end up driving house prices down.”
We are local property market specialists who can advise you
Whatever help you require in the local housing market, we are happy to offer. We have assisted buyers and sellers, and no matter your circumstances, we are available to assist you.
The following benefits associated with downsizing property might help you rationalise what is best for your needs:
Save Money
One of the primary benefits of downsizing your home is that you can save a great deal of money. The smaller your home, the less you will have to spend on things like mortgage payments, property taxes, utilities, and maintenance. Additionally, you will likely be able to sell your current home for a higher price per square foot, which can further increase your savings.
Reduce your ecological footprint
Another benefit of downsizing your home is that you can reduce your ecological footprint. The smaller your home, the less energy and resources you will consume. This can help to reduce your carbon footprint as well as your water footprint. Additionally, it can also help to reduce the amount of waste you produce.
Simplify your life
A smaller home can also help to simplify your life. With less space, you will have less stuff and will be less likely to accumulate clutter. This can lead to a sense of freedom and can help you to focus on the things that are truly important to you.
Be more efficient
A smaller home can also make you more efficient in the way you use space. With less space to move around in, you will be forced to be more organized and intentional in the way you use your living space. This can lead to a more efficient use of time and energy as well as improved mental and physical health.
Contact Anthony Jones for all Wynyard property matters
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
