As the clock strikes midnight and the calendar flips to a new year, a wave of change sweeps across the UK. The beginning of the year marks a time of reflection, resolutions, and for many, a desire for a fresh start. In this spirit of renewal, a significant surge is observed in people looking to move homes or embark on exciting journeys of home extension and adaptation.

Let’s delve into the trends shaping the housing landscape in the UK as we step into the new year and explore the role of planning companies in facilitating these transformations.

A Fresh Start: The Urge to Move

The start of a new year often brings with it the desire for a change of scenery. Whether it’s a new job, a growing family, or simply the need for a fresh perspective, many individuals and families find themselves contemplating a move. The property market experiences a notable uptick as prospective homeowners and tenants actively search for their dream abodes. Correspondingly, many people selling a home, if they’ve had no success in the autumn will often remove a property from the market around October/November, in the hope of catching the new purchasers entering the market.

As a general rule, spring is often considered the best time to sell in the UK; better weather, longer days, and pretty gardens in bloom, all help us to feel more upbeat about properties. For families (so generally in larger homes), it’s often the case that they are looking to move over the summer holidays to avoid too much disruption within the school year, again shifting the focus or marketing a home to the early spring.

Buying a house naturally comes with some responsibilities that you need to fulfil to protect yourself for the future in your new home. If you’re buying a new-build (in the UK in the year to March 2023 this accounted for around 175,000 of home sales), then one of the key activities you’ll want completed is a snagging survey – to make sure the housebuilder hands over a property free of defects, ready for you to enjoy. For any property you’re purchasing, you might also want to have a full homebuyer’s survey completed for complete peace of mind.

Of course, if you’re buying a new home, there’s a good chance that you’ll also be selling! That too comes with some requirements to enable you to make a sale. Top of the list for sellers is the completion of an Energy Performance Certificate (EPC), which illustrates how energy-efficient your home is.

Home Extensions and Adaptations: Redefining Spaces

On the flip side, the trend of home extensions and adaptations is gaining momentum. With remote work becoming a more permanent fixture in our lives, homeowners are re-evaluating their living spaces. The need for dedicated home offices, gyms, and multifunctional rooms has sparked a surge in requests for home extensions and renovations.

As with the surge in people looking to move house in the New Year, the Christmas break often has many people at home re-thinking their living arrangements, and starting the process of designing and planning changes to their homes.

Obviously there are numerous ways in which to extend or expand; it could be a simple refurbishment to improve a layout, minor or major extension, loft conversion or even a new dedicated outside space. No matter what approach you’re taking, you’re likely to want some kind of design advice to fully consider all, and importantly the right options open to you.

Navigating the Planning Process

As the demand for housing changes and property renovations rises, the role of professional companies becomes pivotal. Navigating the intricate web of planning, building regulations, and good design practise requires expertise, and businesses such as Infinity Planning are vital in guiding homeowners through this process. A reputable designer can provide invaluable insights into the specific requirements of the local council, ensuring that home adaptations and extensions align with the established guidelines. They should also be able to assist in ensuring that Building Regulations are met and maintained throughout any subsequent construction project.

Seizing Opportunities in the Property Market in the New Year

As the New Year unfolds, the surge in house moves and  transformations reflects a collective aspiration for positive change. It also represents many opportunities in the property market, for all parties; whether buying or selling.

No matter what your own plans, Infinity ProServ can play a crucial role in your journey, guiding individuals and families whether you’re considering a new home or making changes to your existing one. Our range of snagging services and EPCs will aid anyone considering new homes, and our design/planning services and building regulations can assist those considering changes to their home or even building their own new one! Contact us using the form below, or by calling 0800 148 8088 for an impartial chat about whichever option you’re considering.

In the ever-shifting landscape of real estate, few markets capture the world’s attention quite like London. Long known for its sky-high property prices, the city has been a beacon for investors, homeowners, and dreamers alike. However, recent headlines from the Office for National Statistic’s House Price Index have sent shockwaves through the British capital’s housing market, as the once-soaring prices of London properties are beginning to show major signs of change.

The news of London’s price drop is more than just a headline; it’s a signal of significant changes in the UK’s housing market. In this article, we’ll delve into the factors contributing to this cooling trend, explore its implications, and dissect what it all means for both current homeowners and those hoping to break into the property scene.

When housing prices start to drop, several general trends and consequences typically occur:

1. Decreased Demand: As prices fall, potential buyers may hold off on purchasing homes in anticipation of further declines, or further negotiation leading to a cyclical situation of ever-decreasing prices. This decreased demand can lead to a surplus of available properties.

2. Longer Time on Market: Homes tend to stay on the market for a longer period when prices are declining, which has already been noted. Sellers may need to reduce their asking prices or offer incentives to attract buyers.

3. Price Reductions: Sellers often lower their asking prices to remain competitive, resulting in a downward pressure on property values.

4. Negative Equity: Homeowners who purchased their properties with high mortgages may find themselves in a situation of negative equity, where the outstanding mortgage balance exceeds the current market value of the home.

5. Repossession: In severe cases, homeowners facing financial distress may be unable to make their mortgage payments, leading to repossessions and subsequent sales. These distressed properties can further depress prices in the market.

6. Impact on Builders and Developers: Falling prices can also affect new construction projects. Developers may delay or cancel new developments if the market is oversaturated with unsold properties.

7. Tightened Credit: Lenders may become more cautious, tightening lending standards and requiring larger down payments, which can further reduce demand for housing.

8. Economic Effects: A declining housing market can have broader economic implications, potentially leading to reduced consumer spending and economic slowdowns in regions heavily dependent on property.

It’s important to note that the dynamics of a housing market can vary widely based on local factors, such as supply and demand, economic conditions, and government policies. A gradual decline in prices may not necessarily lead to a housing market crash, and some markets may recover more quickly than others.

In the midst of a cooling housing market, where property prices are dropping, the dynamics of property economics undergo a significant transformation. Whilst for prospective homebuyers, this shift may bring opportunities, for existing homeowners, especially those contemplating home improvements or renovations, navigating this changing landscape can be a double-edged sword.

On one hand, declining property prices can create a financial challenge for homeowners who had hoped to tap into the equity of their homes to fund renovations or upgrades. The reduced market value of their properties can limit their borrowing power and leave them with less equity to leverage for home improvement projects. This may necessitate reevaluating renovation plans, scaling them down, or seeking alternative financing options.

On the other hand, a cooling housing market can present unique opportunities for savvy homeowners. With prices in decline, the cost of materials and labour for home improvements may become more competitive. The post-COVID-19 landscape is still seeing vastly inflated materials costs. Skilled contractors and builders may be more willing to negotiate on pricing, potentially resulting in cost savings for homeowners looking to enhance their properties. Additionally, lower interest rates, often associated with a slowing housing market, can make home equity loans/mortgages or refinancing more affordable, providing a means to finance renovation projects.

Naturally the slowing of the market means the prospect of entering the market becomes less attractive in itself. These changes to the marketplace often result in more homeowners seeking to improve their existing surroundings, extend their home through extensions or loft conversions rather than face the prospect of a potentially turbulent sales process.

In this evolving housing market, existing homeowners must carefully weigh their options, considering the impact of falling property prices on their renovation plans and the potential long-term benefits of enhancing their homes in a market that is poised for future recovery. If you’re looking to either extend your home, refurbish or even add a loft conversion, speak to Infinity Planning either by calling 0800 148 8088, or completing the contact form below. We will be only too happy to assist you in formulating a more comprehensive plan, considering all of the options.