They say moving home is one of the most stressful things you can do. And we are sure anybody who has moved house recently will likely attest to the fact that most home moves are hardly a walk in the park!
So what might perk you up if you are moving home? Well, the prospect of settling into a new abode should be one. Another might be the prospect of that first glass of bubbly to celebrate your new pad.
But many people will be most uplifted by the knowledge that they have sold their former house for significantly more than they bought it.
For plenty of home movers in 2021, this was the case. Recent research from estate agent Hamptons has found that the average property seller in England and Wales will have sold their house for £95,000 more than they purchased it.
Big rise in property sale figures for 2021
Applicable to properties bought within the past 20 years, this statistic from Hamptons indicates that many people will have got some serious bang for their buck when it comes to selling their property in 2021.
What’s more, the figures for 2021 show a significant rise on the year previous. 2021’s average increase on sale price over purchasing price stood at £95,360. This is a noticeable rise on 2020, when the same figure stood at £83,550.
This means that if you are a current property owner, the market is potentially advantageous at present to you making a tidy sum if you choose to sell in 2022.
What has been behind this rise in 2021?
Part of it is certainly down to the COVID-19 pandemic. Larger properties are seeing a premium being paid for them, as the entire working culture has shifted towards a working-from-home dynamic.
Additionally, the latest data suggests that the average house price in the UK stands at £276,091 according to Halifax. This is a particularly high figure.
All in all, property price rises mean that anybody with a property already stands to benefit from having a more expensive asset at their disposal.
Who is this good news for?
This kind of statistic from Hamptons is great news for anybody who currently owns a large property, and keen to downscale as their next home move.
The research showed that the average gross gain for a detached house was in fact in excess of £150,000.
This differs significantly from the average gross gain of a flat owner, which stood at £54,690 in 2021. Though not a figure to be sniffed at, this disparity shows the difference between property types and how valuable space within a property has become.
Home movers who are looking to upscale probably won’t find this news to be particularly welcome, especially the high average property cost.
And first-time buyers could well feel put off by such statistics, although there are plenty of initiatives and incentives to getting on the property ladder.
This news is also food for thought for people who have recently purchased their home, as the potential for gain in the coming years is fairly strong.
What’s for certain is that 2022 will have plenty of ups and downs on the mortgage front. So if you are a contractor or freelancer in need of mortgage advice around home moving, seeking this sooner rather than later could stand you in better stead for the year ahead.