Has there ever been a better time for Erdington
The Erdington 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 Erdington property ladder with abandon.
Erdington 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 Erdington first-time buyers (and Erdington homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown means the Erdington property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Erdington estate agents making the biggest disparity between supply and demand for Erdington property for many years.
Fears of a cliff edge for the Erdington 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 …
61% of Erdington properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Erdington average for the last five years has only been 50%, meaning there has been an uplift of 21.7% in the proportion of Erdington properties sold (stc) compared to that five-year average.
Yet what can’t be forgotten is that 9 out of 20 Erdington house sellers are also Erdington house buyers as well, so whilst they do indeed achieve a higher price for their Erdington property, they also have to pay more for the Erdington property they want to buy.
So, how much will Erdington 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 36% fewer Erdington properties for sale
today compared to 6 years ago
Whilst February saw a lower-than-normal level of new properties coming on to the Erdington property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Erdington homeowners (especially those older Erdington homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Erdington 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 Erdington property prices in check.
These are interesting times for the Erdington property market. If you are an Erdington homeowner or landlord looking to buy or let your Erdington 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.