Has there ever been a better time for Leamington Spa home sellers?
The Leamington Spa property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Leamington Spa property ladder with abandon.
Leamington Spa 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 Leamington Spa first-time buyers (and Leamington Spa homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Leamington Spa property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Leamington Spa estate agents, making the biggest disparity between supply and demand for Leamington Spa property for many years.
Fears of a cliff edge for the Leamington Spa 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 …
68% of Leamington Spa properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Leamington Spa average for the last five years has only been 53%, meaning there has been an uplift of 29.5% in the proportion of Leamington Spa properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Leamington Spa house sellers are also Leamington Spa house buyers as well, so whilst they do indeed achieve a higher price for their Leamington Spa property, they also have to pay more for the Leamington Spa property they want to buy.
So, how much will Leamington Spa 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 16% fewer Leamington Spa properties for sale today compared to 1 year ago…
Whilst February saw a lower than normal level of new properties coming onto to the Leamington Spa property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Leamington Spa homeowners (especially those older Leamington Spa homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Leamington Spa 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 Leamington Spa property prices in check. These are interesting times for the Leamington Spa property market. If you are a Leamington Spa homeowner or Leamington Spa landlord looking to buy or let your Leamington Spa 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.