With every new year we have expectations of the year ahead; we always hope it is better than the last, and during a pandemic we wish that even more. Yet, as we know, there will be a few challenges for us this year as economists predict that our living standards will deteriorate . But there is also some light too, whether you’re looking to move home or stay put, it is always good to be prepared. Our team at Charles David Casson have come together to give you an insight into what 2022 holds for you and your home in Chelmsford.

 

Base rate increase

 

If you didn’t have your eye on the ball last month, you may have missed the Bank of England’s surprise decision to increase the base rate to 0.25% from 0.1%, after the Monetary Policy Committee approved the decision. This is the first rise in more than three years. How does this affect you?  The central bank uses the base rate to charge other lenders and banks when they borrow money, which in turn influences the rate at which you borrow and savers earn. This may only equate to a relatively small increase in your monthly payments for those with a variable rate mortgage, and if you have a fixed rate deal you can breath a sigh of relief as you are protected for now.  Should you be looking to secure a new mortgage you will find that the rates are higher.

 

 

Buying a home

 

If you were looking for a home over the last 18 months you will know you have been caught up in a frenzy where available properties have been few and buyers many. This lack of supply over demand saw house prices rise and many buyers missing out on properties and even not even getting a viewing.  We predict that this year will see things starting to balance out a bit. We have already seen an increase in requests for valuations from sellers in Chelmsford. It’s not just us that have seen an increase in valuation requests, Rightmove have also stated that they have seen a 19% increase in requests compared with this time last year. We’re excited with the range of homes that we predict will be coming on to the market in the new few weeks.

 

 

Selling your home

 

Last year was most certainly a sellers’ market but we do believe this year we will see more stability in the Chelmsford housing market, although we still expect it to be strong for sellers. “If you do decide to sell your home in the new year, your chances of finding a buyer are very high, as we’re still seeing huge levels of buyer demand, and not enough homes available to buy”, according to Rightmove’s property expert Tim Bannister.  We have many buyers registered with us at Charles David Casson who are still looking for their first or next home. If you’re curious about the current value of your property or thinking about moving, give our team a call.

 

 

Make your finances a priority

 

Regardless of what ups and downs this new year will bring, you have the power to get yourself in a healthy position financially. We can all make small changes here are there that can help towards a deposit, a new bathroom, or even simply improving your quality of life. When is the last time you did a rigorous assessment of your outgoings? You will be surprised by the number of people who don’t realise they are paying small subscriptions out for one thing or another every month. Be frugal about shopping and more so about what you waste – every positive change you make at home will have an impact one way or another to your monthly finances.

 

 

What is in your 2022?

 

New year plans and resolutions can often change or be put on the back burner as life takes over, but whatever you do this year, always keep a watchful eye on what’s happening financially around you. Placing yourself in a financially savvy position will only be of benefit when you decide it is time to move home in Chelmsford, and when that time comes, we will make sure that your money is invested wisely.

About Neil Baldock

Born and bred in Chelmsford, Neil went to Tyrells and The Boswells School and still lives in Springfield. A former police officer, Neil is an excellent problem solver for our clients. Neil oversees the Lettings, Property Management and Maintenance portfolio here at CDC and is able to offer specialist advice on all aspects of buy to let and property investment in Chelmsford and all areas of Essex. Neil is happy to offer advice to landlords even where the property is not being purchased through our agency and would welcome an informal chat with you regarding your investments. Neil is also well versed in HMO Management as we are one of the only agencies in Chelmsford which has a specialist HMO and rooms to rent department. Neil is Matthews younger brother and has a son named Michael.

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