As a homeowner looking to move on to pastures new, the worst two words you want to hear are ‘negative equity’, which is when you can’t sell your house for more than you paid for it.
With the recent pandemic causing a variety of fluctuations in the housing market, and a momentary spike in prices as we come out of a full lockdown situation, it may be difficult to know if you will at least break even if you sell now.
A recent report from think-tank the Resolution Foundation, has said that there is a much lower risk of negative equity compared to after the financial crash of 2008/9.
So this is great news from anyone looking to up sticks or upgrade.
Although it is still predicted by the Office for Budget Responsibility that there may be a slight fall in property prices come Autumn/Winter.
So with this in mind, and to find the sweet spot between getting the best price for your own property and the lowest price for your new home, right now could be the best time to put your house up for sale.