Has anyone considered moving in this crisis?

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Max68
Max68 Posts: 206 Forumite
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Just a thought I had and wondered if anyone else has had the same thought?  I live on my own in the South East and my property is probably worth around £340,000.  Will be struggling to pay my bills over the winter and beyond so wondered if it was worth me selling up, (If I can sell it!!) and possibly moving elsewhere where properties are cheaper leaving a bit to play with for bills.  Can't see this crisis ending anytime soon and downgrading in my current location is pointless with a one bed flat being far too expensive but whilst bills will be the same wherever you go properties are more affordable in other parts of the country.  So wondering if anyone else had considered this extreme measure?
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  • Mstty
    Mstty Posts: 4,209 Forumite
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    Yes and I did suggest others considered it from April this year.

    We could sell our house for circa £550-575k and get a band D type 3/4 detached property locally with equally high EPC rating of B (maybe even with solar that we don't currently have) for say £375,000-£400,000

    All I would say is like the fix deals that come and go if you are considering it get your house on the market and see what the interest is as a crash is touted as being imminent. I would also use an online estate agent as this is how we have sold our last two houses the last costing £274 for all the major online searches and premium listing on Rightmove. We did all our own photos being a bit of a camera buff.
  • Happy_Sloth
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    yep thought about it here too ...

    We bought our dream home in 2017 it was a renovation job that we'd have never afforded if it wasn't a wreck.  5 years of blood, sweat and tears, it's not finished but most of the structural work is complete. 

    We decorated the first internal room summer this year, but with the current crisis and other personal factors i have to seriously consider if we can stay in it.  

    I posted a SOA on the debt forum in February and the coconscious seemed to be we couldn't afford to live in our home.

    We dug in... determined to stay.  

    Trust me when I say things have not got easier and with the announcement that my gas/electric is going from £450 a month to £700 a month I need a miracle. 
    • May 2021 Grocery Challenge :  £198.72 spent / £300 Budget
    • June 2021 Grocery challenge : £354.19 spent / £300 Budget
  • [Deleted User]
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    Putting the cost of energy to one side, if inflation does reach 22% as predicted then the value of homes will fall - putting many people into negative equity. That said, it was not uncommon in the 1970s and 80s for people to trade up on the basis that the many £000s fall in the price of the new home more than offset the smaller price fall/loss on one’s own home. There was though still the matter of the cost of the mortgage to deal with.
  • Max68
    Max68 Posts: 206 Forumite
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    Own mine so no mortgage.  It's a difficult one.  As someone said to me yesterday if I move away from the SE and like it elsewhere all well and good, but if I don't like it use all the excess funds it's then difficult to move back to the SE.  A real quandary but it's the only potential way I can see to raise enough funds for bills. 
  • spot1034
    spot1034 Posts: 821 Forumite
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    The costs of moving are considerable, added to which most people spend quite a bit on  their new home when they move in including things like alterations, redecoration, new carpets, curtains etc.

    It'd take several years to recoup such expenses, and remember you'd still have higher bills in your new home even if they were a saving on what you had before.
  • Alnat1
    Alnat1 Posts: 3,318 Forumite
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    All I can add, if you do decide to move, go for something built this century that will be well insulated, have a modern condensing boiler and the double glazing should be good for a few years.

    Maybe also make sure the roof faces a good direction for solar PV and there's a suitable place to put the future ASHP?
    Barnsley, South Yorkshire
    Solar PV 5.25kWp SW facing (14 x 375 Longi) Lux 3.6kw hybrid inverter and 4.8kw Pylontech battery storage installed March 22
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  • Krakkkers
    Krakkkers Posts: 1,134 Forumite
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    Has installed solar increased the value of a property?
    I am 7 years into a FIT contract with 4kwp array.
    Along with a few other changes it dropped my 4 bed detached from a D to a B epg.
  • xzibit
    xzibit Posts: 660 Forumite
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    Yes. Currently in discussions to head back home overseas. The UK is not sustainable anymore with the rising costs of everything. Whilst many countries around the world are being impacted by this crisis, it appears Europe is suffering more the most of the world. Just got to do the flooring and kitchen and get the house on the market before the crash hits.
  • Max68
    Max68 Posts: 206 Forumite
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    spot1034 said:
    The costs of moving are considerable, added to which most people spend quite a bit on  their new home when they move in including things like alterations, redecoration, new carpets, curtains etc.

    It'd take several years to recoup such expenses, and remember you'd still have higher bills in your new home even if they were a saving on what you had before.
    Yeah that's a very good point.  Plus mine has a gas boiler that's nearly 20 years old, double glazing that's 20 odd years old, no solar panels and walls that are too thin for wall insulation, so not exactly a sellable property in the current climate.  Just hoping the boiler doesn't pack up anytime soon.  Think it's going to be just a case of battening down the hatches and trying to make it through.  Mate of mine has said that thee is a spare room at his for worst case scenario.
  • MarcoM
    MarcoM Posts: 799 Forumite
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    Max68 said:
    Just a thought I had and wondered if anyone else has had the same thought?  I live on my own in the South East and my property is probably worth around £340,000.  Will be struggling to pay my bills over the winter and beyond so wondered if it was worth me selling up, (If I can sell it!!) and possibly moving elsewhere where properties are cheaper leaving a bit to play with for bills.  Can't see this crisis ending anytime soon and downgrading in my current location is pointless with a one bed flat being far too expensive but whilst bills will be the same wherever you go properties are more affordable in other parts of the country.  So wondering if anyone else had considered this extreme measure?
    you make a very interesting point. 
    I have thought about moving and I am thinking of approaching my employer to see if they would accept a remote worker abroad at least in the winter months.
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