Trying to take on the housing market and win in the current climate is a bit like picking a number on the roulette wheel.
verything you do is a risk and, by sod’s law, no matter what you choose is likely to backfire.
Regardless, we’ve recently plucked up the courage to stick our first home on the market.
As ever, there have been conflicting hints from the powers-that-be this week as to whether or not we’re doing the right thing.
Hoping to make a few quid since we bought the house a number of years ago, overall, it seems the right time to sell and – full disclosure – we have the self-acknowledged privilege of having parents with the space (and patience) to let us bunk in with them for however long we might need.
Obviously, Kwasi Kwarteng’s raising of the stamp duty threshold is cause for celebration in our soon-to-be-sold household but the mixed messaging between government and Bank of England means what’s given with one hand is taken away with another.
Say we actually manage to find a new house to move into and we’re saved £1.5k on stamp duty, it would take, by my quick calculations, little over a year for that to be snapped up by the higher mortgage rate caused by rising interest levels.
It’s impossible to know what to do or when to do it with any certainty. If we were selfish, we’d just be hoping for a perfectly-timed ‘price correction’ before we get kicked out by the parents.
The main takeaway, in reality, is that having to worry about any of this is a privilege too few in our society can afford. It’s that fact, coupled with the offensive cut to the top tax bracket, that will rightly be the headline of a stunningly trademark Conservative mini-budget.
The flimsy ‘Forward, Together’ Tory veil of recent elections is gone.