Given current market uncertainty, a great alternative to moving home is to focus on home improvements, according to independent mortgage brokers, John Charcol.
With property prices expected to decrease by up to 10% going into next year, it’s likely that many homeowners may put on hold any plans to move home in 2023.
Whether it be a loft conversion, a conservatory, or adding another bathroom, the brokerage has urged homeowners to turn towards home improvement, stating you’re likely to increase your property’s value.
Nick Mendes, mortgage technical manager at John Charcol, said: “There are early indications that demand for property is starting to ease.
“With cost-of-living, rate rises, wage stagflation, as well as possible signs of the UK heading into a recession, many homeowners will be questioning what to do.
He added: “How we view and live in our homes has never been a more topical question.
“With the idea of any potential moves now on hold for the next few years, improving the home could be a better investment to add value to your property.”
