| Newbury Property Market Improved by 38.4% Over Pre-Pandemic Levels
Has there ever been a better time for Newbury home sellers? The Newbury property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the property ladder with abandon. Newbury house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the summer/autumn) and the newly revealed 95% mortgages for first-time buyers (and Newbury homeowners with minimal equity). In addition, the continued low interest rates, and the demand for larger homes because of lockdown, means the Newbury property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Newbury estate agents, making the biggest disparity between supply and demand for Newbury property for many years. Fears of a cliff edge for the Newbury housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, 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 … 59% of Newbury properties on the market are Sold (STC) Interesting, when utilising data from theadvisory.co.uk website, the Newbury average for the last five years has only been 43%, meaning there has been an uplift of 38.4% in the proportion of Newbury properties sold (STC) compared to that five year average. Yet what can’t be forgotten is that 9 out of 20 Newbury house sellers are also Newbury house buyers as well, so whilst they do indeed achieve a higher price for their Newbury property, they also have to pay more for the Newbury property they want to buy. So, how much will Newbury 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 10% fewer Newbury properties for sale today compared to 2 years ago Whilst February saw a lower than normal level of new properties coming onto to the Newbury property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Newbury homeowners (especially those older Newbury homeowners who have had their jabs) to start making the first steps towards moving home in 2021. This will mean there will be more Newbury 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 Newbury property prices in check. These are interesting times for the Newbury property market. If you are a Newbury homeowner or Newbury landlord looking to buy or let your Newbury 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. |
