Opinion: Now is a great time for property owners to downsize

Older couple moving house carrying boxes from removal van to new home amid property price rise

With your property price rocketing over the past few years, now is a great time to get your home re-valued - Credit: Getty Images

As the lack of available stock in the housing market keeps prices rising, many people across the country are cashing in on their nest eggs, and relocating to more affordable parts of the country. With many people reconsidering their lifestyles, retiring early or wishing to work from home and avoid time wasted in a commute, there is still a race to change one’s quality of life.

With in-demand homes across the county luring in 10-15 possible buyers on their launch days, the influx of buyers from areas such as London and Essex is hugely noticeable, particularly with their strong purchasing power to be in a position to pay over asking price.

We have seen several homes in November agree sales for well in excess of an already strong asking price, with two homes going to best and finals at an astonishing £43,500 and £50,000 over asking price respectively.

The appetite to purchase has never been stronger.

Estate agent Jamie Minors in the Minors & Brady office helping a client to buy or sell a property

Jamie Minors, managing director of Minors & Brady, which has branches across Norfolk and Suffolk - Credit: Minors & Brady

In fact, Rightmove data shows that sales agreed in September were up 15.2pc to the last ‘normal market’ in September 2019. 

But one issue we are facing is bank valuations, as surveyors are struggling to compare properties sold on the street 12 months ago, to prices that are being achieved in this market. As such, down valuations are a common theme; and what happens next? The property often goes back to market and sells to an out of area buyer for cash, with no mortgage required. These are trends that we have observed from our five branches across Norfolk and Suffolk.

House for sale and letting signs, blank for your design

Zoopla predicts there will be 1.5million homes sold in 2021 - Credit: Getty Images/iStockphoto

So when will this end? The honest answer is we are not quite sure, but Zoopla predict there will be 1.5million homes sold in 2021. 

When interest rates inevitably rise over the coming months, the rise is likely to be too small to have an effect on this unbelievably buoyant housing market. The end of the stamp duty holiday, coupled with the ending of the furlough scheme was supposed to cool activity, however that has simply not happened.

As purchasers from around the country have realised the importance of their quality of life, Norfolk is a top attraction for many, due to its accessibility to beaches, low crime rates, good schooling, leafy surroundings, period buildings and real sense of local community.

A portrait of happy young family with a toddler girl moving in new home.

Norfolk is a top attraction for many, due to its accessibility to beaches, low crime rates and good schooling - Credit: Getty Images/iStockphoto

In Norfolk, the more common trend is from those aged over 55, with a large detached house set in good grounds that has perhaps created too much maintenance for the current owners.

With your property price rocketing over the past few years, now is a great time to get your home re-valued, understand what your asset value is, and see if there are better opportunities to downsize now whilst the demand is so strong for four and five-bedroom detached houses.

If you are thinking of downsizing and would like a free marketing appraisal, please do get in touch with your local Minors & Brady branch, or myself personally on 01603 365085 at our Unthank Road office.

Most Read

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter