What will Brexit mean for house prices?
Brexit is fast approaching and scheduled to happen on March 29, 2019! If Britain exits from the European Union (E.U.) with no deal, this could result in a fall of house prices, worrying potential homebuyers and sellers. Mark Carney, the Governor of Bank of England has forecasted that house prices could drop a whopping 35% over the next three years! With many homeowners now looking to sell their homes and move into rented accommodation. Whilst, first time homebuyers are holding off purchasing their first homes and choosing to rent instead hoping that Brexit will bring bargain property prices and reap good profits through the house price crash.
Why and how?
The Sell, Rent, Buy Strategy
The plan is to sell the house now when the prices of home are still comparatively high and for the time being move into rented accommodation. Then, when the house prices crash after Brexit, to buy their dream home at a reduced price. By doing so, not only will homeowners be able to afford to buy their dream homes but this plan could potentially make homeowners a huge profit – we are talking of tens of thousands of pounds in profits! However, if the prices shoot up after Brexit, homeowners may risk losing money.
Make your home “In Demand”
Homeowners are currently working hard to make their homes sustainable to appeal to potential buyers – equipping their homes with eco-retro fittings or in other words environmentally friendly home modifications. By solar proofing and draught-proofing the home, it can help to reduce energy wastage but most importantly costly utility bills! If you’re looking for a place to store your furniture during the renovations, look no further! Here at Cube Self Storage, we can help to store your furniture and personal belongings, while the modernisation takes place. Your furnishings will be safely tucked away in our storage units safe from renovation dust. With an eco-retro fitted home, your home will definitely be favoured by potential homebuyers!
Rent before Buying
There’s plenty of reasons as to why renting before buying is a good idea! Mainly it’s to get a better “feel” of the neighbourhood before purchasing. Sometimes, things may not look as good as it seems from the outside – potentially a nightmare neighbour or simply because it’s just too far from the city? One way, to test the waters is to rent first and buy later after you’re certain you love the vibe and atmosphere of the locality. This could help you save tens of thousands of pounds in moving and re-selling costs.
Unlocking the Binding Chains
By selling your home and moving into rented accommodation, you will break free from the long housing chain making you more favourable amongst other buyers. You’ll be what estate agents call a “HOT” buyer. This is because a buyer without a chain will be able to move quickly, minus the delays. By breaking the property chain, you can be positive your transaction will go smoothly as there is less likely of a chance for something to go wrong.
Chase that Dream Home!
Take advantage of the current situation and put it to your advantage. It’s time to move into rented property and store your extra furnishings with Cube Self Storage. We’ll keep your belongings safely secured in our clean and affordable premises, while you search for that dream home – in the ideal neighbourhood, with the perfect view and most importantly the best price! Break the chain with Cube today and start preparing to get your dream home at a reduced price when the house prices drop!