Buyers priced out
Some 41% of participants in a recent survey¹ agreed with the statement, ‘I cannot afford to live in the area I want or need to live in’. Many renters and homeowners alike were unhappy with their current location, with job opportunities (37%), proximity to friends and family (35%) and a better lifestyle (29%) as the key reasons for wanting or needing to move elsewhere.
Holiday lets bounce back
In the early weeks of 2023, 173 more mortgage options were on the market for holiday let borrowers than in October 2022², and a broad range of fixed and variable options remain available now. After the September ‘mini-budget’, the range plummeted to only 26 lenders, but investors’ appetites have picked up as ‘staycations’ remain a popular holiday choice.
Hard resell for new builds
One in eight new-build homes are being resold at a loss, figures sho³, with flats making up more than four-fifths of these loss-making sales. The average new-build property lost 7.8% (£22,000) of its value, with the typical sale taking place after 8.8 years. New builds are often sold at a premium, which can mean prices fall back to market rate when resold.
Get in touch
Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering mortgage advice, early retirement advice, pension advice and more get in touch for a chat with one of our friendly advisers.
We see clients across Sussex and Kent, including Eastbourne, Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield.
Why not read our VoucherFor reviews to see what our clients have to say?
¹kindroom, 2023, ²Moneyfacts, 2023, ³Hamptons, 2023
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments
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