Moving home: 6 tips to get your new property
The number of people moving home could be about to hit a record low, with transactions estimated to be down by 29% compared with last year, according to Halifax.
The Halifax Home Mover Review estimates only 112,459 will have upped sticks in the first half of 2023, which is even fewer than the equivalent months of 2020 when the housing market all but shut down at the height of the pandemic.
While transactions have dwindled, the average house price for homeowners wanting to move has increased by 10% in the space of a year.
There is, however, still an appetite among owners to move house, so here, we delve into the figures and explain the simple steps movers can take to streamline the home-buying process.
How many people are moving house?
The number of people moving house in the UK during the first half of 2023 is set to be the lowest ever recorded by the Halifax Home Mover Review.
The estimated 112,459 figure is a 29% downturn compared to the number of moves completed in the opening months of last year:
| Number of home moves in Jan-Jun 2022 | Number of home moves in Jan-Jun 2023 |
|---|---|
| 157,640 | 112,459* |
*The Halifax Home Mover Review has used some estimated figures for the number of movers for the first half 2023 as not all data is yet available
How much are home movers paying?
People moving home in the opening months of 2023 paid, on average, 10% more than those who moved in the first half of 2022.
The average purchase price for home movers came in at £428,647 - that's significantly higher than the current whole-of-market average of £285,009, as recorded by the Land Registry.
The table below breaks down how much home movers are spending on their new property region-by-region:
| Region | 2023 home mover average house price | Annual change | Five-year change |
|---|---|---|---|
| East Midlands | £347,510 | +5% | +39% |
| East of England | £512,614 | +9% | +37% |
| London | £746,599 | +8% | +32% |
| North East | £255,174 | +1% | +29% |
| Northern Ireland | £256,174 | +9% | +52% |
| North West | £329,855 | +8% | +45% |
| Scotland | £283,479 | +5% | +30% |
Source: Halifax Home Movers Review
According to Halifax, the average age of a home mover is now 39 - that's two years younger than in 2013.
Detached properties are the most common house type purchased by movers (32%), as they seek more space, peace, and privacy. Semi-detached homes accounted for 28% of UK sales in the last year, followed by terraced (21%), flats (12%) and bungalows (7%).
6 tips for home movers
While our step-by-step guides to buying and selling walk you through the home moving process from start to finish, below we've listed six tips to help you through the cycle from the get-go:
1. Work out your finances and speak with a broker
You need to work out whether you can genuinely afford to sell up and move.
If you're still paying off a mortgage on your existing home, you'll need to weigh up the pros and cons of porting your mortgage versus exiting your current deal and applying for a new one.
Porting is the process of taking the mortgage on your current property and transferring it to your new home.
It's worth seeking expert advice from an independent mortgage broker to help you through this process.
There are other costs of selling a house, such as stamp duty and fees, so it's good to assess your finances and draw up a budget.
- Find out more: porting a mortgage to a more expensive property
2. Instruct a conveyancer or solicitor early
When selling up, it is best to instruct a conveyancer or property solicitor before, or at the same time as putting your property on the market.
Getting together key documents which the conveyancer will need and those that may be relevant to a prospective buyer is helpful.
These can include any deeds and notices, and leasehold information such as lease details, and ground rent and service charge statements. Check out our guide to energy performance certificates as you'll need one to be able to sell.
- Find out more: conveyancing when you're selling
3. Be strategic on your asking price
You should do research on how much your house is worth based on recent market activity in your area, and then invite local estate agents to value your property.
Try not to be tempted to choose the firm claiming they can get you thousands more if it seems unrealistic - this can put buyers off from even coming to view the house in the first place.
Also, it sounds simple, but when marketing your home, tidying up the property for photos and viewings can make a world of difference. Ensuring the home is clean and clutter-free will give potential buyers a blank canvas to imagine how they would use the space, making your home a more attractive proposition.
- Find out more: estate agent fees and contracts
4. Agree a sale and start your house hunt
Rightmove says sellers are currently taking an average of 55 days to secure a buyer, so don't expect an instant deal.
Your estate agent should inform you as soon as any offers are made. If you receive multiple offers, find out each bidder's situation, as there are more factors to take into consideration than simply how much each party is offering.
It's best to wait until your property is under offer until you start your house hunt in earnest. This will place you in a better position if you find a home that multiple people are interested in.
- Find out more: buying a home
5. Grab a bargain on your next property
Three quarters of homes are currently being sold below their original asking price, according to estate agent trade body Propertymark, so there is a high chance you'll be able to negotiate on price.
Perhaps the property has been on the market for a long time, or the seller is in search of a quick sale and you're confident you're the only bidder. In that case, be prepared to haggle.
Looking at how much other similar properties in the area have recently sold for will help you work out how much the property is worth.
Bear in mind our house-viewing checklist and consider having a survey done first before committing to a price.
- Find out more: making an offer on a house or flat
6. Keep the property chain moving
Because you're moving from one house to another, you are in a property chain - meaning everyone involved in the process is dependent on one another for their home purchase to go through.
Things can get complicated, therefore, communication between all parties - including your agreed buyer, estate agent and conveyancer - is key.
You want to keep the chain moving along so make sure you sign and return all your paperwork promptly and deliver documents by hand, courier or special delivery.
If you're really struggling to get an offer accepted on a property due to being in a chain, it could be worth making yourself chain-free. You can do this by selling your property and moving into short-term rented accommodation - or with family or friends.
- Find out more: how manage a property chain
