Has there ever been a better time for Rugby home sellers?
The Rugby property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Rugby property ladder with abandon.
Rugby 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 Rugby first-time buyers (and Rugby homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Rugby property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Rugby estate agents, making the biggest disparity between supply and demand for Rugby property for many years.
Fears of a cliff edge for the Rugby 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 …
69% of Rugby properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Rugby average for the last five years has only been 55%, meaning there has been an uplift of 25.5% in the proportion of Rugby properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Rugby house sellers are also Rugby house buyers as well, so whilst they do indeed achieve a higher price for their Rugby property, they also have to pay more for the Rugby property they want to buy.
So, how much will Rugby 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 28% fewer Rugby properties for sale today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming onto the Rugby property market, the easing of lockdown roadmap and faster rollout of the vaccine is also persuading more Rugby homeowners (especially those older Rugby homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Rugby 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 Rugby property prices in check. These are interesting times for the Rugby property market. If you are a Rugby homeowner or Rugby landlord looking to buy or let your Rugby property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in article mean to you.