Has there ever been a better time for Medway home sellers?
The Medway property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Medway property ladder with abandon.
Medway 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 Medway first-time buyers (and Medway homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Medway property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Medway estate agents, making the biggest disparity between supply and demand for Medway property for many years.
Fears of a cliff edge for the Medway 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 …
73% of Medway properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Medway average for the last five years has only been 50%, meaning there has been an uplift of 45.1% in the proportion of Medway properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Medway house sellers are also Medway house buyers as well, so whilst they do indeed achieve a higher price for their Medway property, they also have to pay more for the Medway property they want to buy.
So, how much will Medway 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 61% fewer Medway properties for sale today compared to 5 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Medway property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Medway homeowners (especially those older Medway homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Medway 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 Medway property prices in check.
These are interesting times for the Medway property market. If you are a Medway homeowner or Medway landlord looking to buy or let your Medway 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.
One place for more information is my Medway Property Market blog. If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Medway property market together with regular postings on what I consider the best buy to let deals in Medway, then it is well worth reading. You can also email me at email@example.com
If you are in the area feel free to pop into the office which is based at Station Road, Strood, Kent, ME2 4WQ
Don’t forget to visit the links below to view back dated deals and Medway Property News.
Free Valuation - https://docksidekent.com/value-my-property
Facebook – https://www.facebook.com/DocksideP/
Website – http://www.docksidekent.com/