Has there ever been a better time for Crediton home sellers?
The Crediton property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping on to the Crediton property ladder with vigour.
Crediton house prices are anticipated to rise throughout 2021 after the stamp duty cut (and subsequent extension until the autumn) and the newly revealed 95% mortgages for Crediton first-time buyers (and Crediton homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Crediton property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Crediton estate agents making the biggest disparity between supply and demand for Crediton property for many years.
Fears of a cliff edge for the Crediton housing market at the end of March have dispersed, somewhat due to the stamp duty tax deadline extension, but also because the elevated level of buyer demand caused by the three lockdowns has continued to swell since the start of 2021 meaning that today
67% of Crediton properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Crediton average for the last five years has only been 44%, meaning there has been an uplift of 51.2% in the proportion of Crediton properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Crediton house sellers are also Crediton house buyers as well, so whilst they do indeed achieve a higher price for their Crediton property, they also have to pay more for the Crediton property they want to buy.
So, how much will Crediton house prices rise by?
Like all things in life, it’s all about demand and supply. I have discussed the demand, yet what about the supply of properties for sale?
There are 13% more Crediton properties for sale today compared to 3 years ago
Nationally, in most UK towns and cities, the number of properties that are for sale today compared to the same pre-Easter property markets of 2015 to 2019 are lower by around 10% to 20%, yet in Crediton the opposite is true. With the easing of lockdown roadmap and faster rollout of the vaccine, this is persuading more Crediton homeowners (especially those older homeowners who have had their jabs) to start to make the first steps towards moving home in 2021 and placing their property on the market for sale.
This will mean there will be more Crediton properties available for sale in the conventionally busier post Easter market in the coming weeks and months which should cause more equilibrium and help keep Crediton property prices in check.
These are interesting times for the Crediton property market. If you are a homeowner or landlord looking to buy or let your Crediton property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in this article mean to you.